Dollar on the rise, see the latest exchange rate

Dollar on the rise, see the latest exchange rate

Dollar on the rise, see the latest exchange rate

Dollar on the rise, see the latest exchange rate

Some cries while some rejoices any time the dollar rises. However, to an average Nigeria, the effect on the dollar is felt to the bone as the majority of what Nigeria consumes is not locally sourced.

The value of Naira has continued its downward trend of depreciation. Presently, the dollar naira exchange rate is four hundred and sixty Naira to a dollar. . it will be recalled, it was four hundred and sixty last Thursday.
Even earlier September, it was four hundred and thirty when CBN started forex sales to the BDcs.

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Unfortunately, the central bank has a comment on the devaluation od Naira to be faulted on the decline in export s receipts from oil speculative activities of the Bureau De Change Operators.
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In addition, the bank said increased risk aversion behavior by investors may negatively impact on capital inflow as they flee to safe-haven assets.

Also, the CBN  projected that the fiscal space may be limited in 2020, given escalated vulnerability, as a result of a sharp decline in oil prices, occasioned by weak global oil demand and price wars between Russia and Saudi Arabia.

In essence, the dollar may shoot higher, if this problem linger

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