According to an update that was given by Daily Trust Newspaper yesterday, it was made known that the exchange rate between the Nigerian Naira and that of the United States of America Dollar has changed, as the value of Naira has depreciated further, which might make things more expensive to buy.
Before the new exchange rate yesterday, it was formerly exchanged between the rate of N380 - N420 to $1, but now, the Naira has depreciated further, as the new exchange rate now goes for N485 at all parallel market, as the rate went for N410 to $1 at the I&E Forex window.
This development is coming shortly after the Governor of the Central Bank of Nigeria, Godwin Emefiele introduced the Naira for Dollar policy, where he disclosed that N5 will now be paid for every Dollar that is remitted in Nigeria.
As the value of dollar in Nigeria grows and that of Naira depreciates, prices of things expected to come up, as most companies producing one good or the other source their raw materials from abroad.
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