Top Stories

Naira Falls to Record Low In Biggest Drop This Year As Tinubu Calls For Changes…

Naira,Nigeria’s currency fell to a fresh record low, extending its losses since President Bola Tinubu’s call for changes in exchange rate policy.

The naira weakened 1% to 471.9 to the dollar as of 5:33 p.m. in London, the biggest drop since December. The currency has been weakening since Tinubu used his inauguration speech last month to urge the central bank to close the gap between the country’s official and unofficial exchange rates.

Advertisement

The spread between the managed and parallel markets in Africa’s biggest economy can be as wide as 60%. President Tinubu’s call on the central bank to move toward a uniform rate has sparked expectations that the currency will be devalued to close the gap.

Fitch Ratings anticipates a phased-in exchange-rate liberalization, moving the official rate closer to a market-clearing level, which would ultimately represent a “positive development for Nigeria’s credit profile,” according to a note Thursday.

Advertisement
citynews

Recent Posts

Breaking: House Of Reps Finance Committee Visits FIRS

The House of Representatives Finance Committee has paid a working visit to the headquarters of…

1 hour ago

BREAKING: Tinubu govt drops treason charges against EndBadGovernance protesters

  The Federal High Court in Abuja has dismissed the treason charges brought against the…

5 hours ago

#USRoadToWhiteHouse2024: Trump-Harris polls remain tied in battleground states…

What to know about the end of the #USElection2024 campaign The most recent polling analysis…

5 hours ago

#USElection2024 Live Updates: Trump Vs Harris…Latest Results…Latest Polls

#US election 2024 Live Updates:  What you need to know about USelection2024 latest polls •…

5 hours ago

Prince Harry and Meghan Markle pursue separate projects

A royal commentator suggests that Prince Harry and Meghan Markle are taking separate paths in…

8 hours ago

#USElection2024: Trump, Harris close campaign in swing states on eve of deadlocked election

PHILADELPHIA/GRAND RAPIDS, Michigan (Reuters) -Donald Trump and Kamala Harris both predicted victory as they campaigned…

8 hours ago