The Nigerian Naira continued its downward trend against the US Dollar on Friday, as it exchanged at N461.50 at the Investors' and Exporters' window, representing a 0.11% decrease compared to Thursday's rate. The open indicative rate also closed at N461.50 to the dollar on Friday. The highest rate recorded within the day's trading was N462.44, while the Naira sold for as low as N446 to the dollar. The continued fall of the Naira against the dollar raises concerns about the stability of the Nigerian economy and its ability to attract foreign investment.
Following the recent decline, the naira has continued to struggle against major foreign currencies in the foreign exchange market. This has put pressure on businesses that depend on importing goods as they are forced to pay more for foreign exchange.
The Central Bank of Nigeria (CBN) has been trying to stabilize the exchange rate by injecting dollars into the market and implementing policies to restrict access to foreign exchange for certain goods and services. However, the impact of these measures has been limited, and the naira remains vulnerable to external shocks.
Analysts have suggested that the Nigerian government needs to implement more structural reforms to diversify the economy and reduce its dependence on oil exports. This would help to boost the country's foreign exchange earnings and improve the value of the naira.
However, the government has been slow to implement such reforms, and this has contributed to the country's economic challenges. The recent decline in the naira highlights the urgent need for the government to take decisive action to address these issues and stabilize the economy.
Source: VANGUARD NEWSPAPER
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