Following the depreciation of the Nigerian currency(Naira) in the past few months, further setbacks have hit the West African market region’s local currency as trans-border traders have started rejecting the currency. Findings across the Seme border show that the traders on both sides are now preferring either the CFA or the domestic currency ...
The depreciation of the naira has caused the country’s foreign loans to balloon. Nigeria’s external debt stock (debt owed to foreign entities) has increased by N28tn due to the devaluation of the Nigerian naira against the United States dollar, findings reveal. According to the latest debt profile data published by the Debt Management Office, ...
Naira has been rated among the world’s worst performing currencies in 2023. This is according to Bloomberg in its latest report. It said the currency is poised for its worst year since the return to democracy in 1999, with analysts predicting further depreciation in 2024. Bloomberg noted that the Naira plunged 55 per cent this […]