NAIRA SUFFERS FURTHER DEVALUATION

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https://drive.google.com/uc?export=view&id=1ZktOGr4ea6XgTreVPhk3cy4hAJVLiuB1

By Cyril Endurance Favour
October 28, 2022.
 
The FMDQ has published the 0.07 percent devaluation of the Naira which commenced trading on Tuesday at N441.67 in comparison to Monday’s N441.38.
According to the Parallel Nationwide review, Black market trading has also experienced similar collapse. Currency traders in Abuja zone 4 Market experiences concern over the fluctuations the Naira as it scaled its rate of N755.00 per $1 on Monday to N761.00 per $1 on Tuesday evening.
A currency trader said “it was trading at N760.00 per $1 but dropped to N758.00 per $1 in the evening, I don’t know if it will continue to increase or decrease by tomorrow”.
However, the foreign exchange supply continues to strive as it experienced an increase as it rose from its $39.47 million on Monday to $79.41 million on Tuesday, amounting to 101.2 percent increase.
Furthermore, Experts urge Nigerians to prepare for ‘trying times’ if the Naira continues to crash in value, as its impact on the Nation’s economy would definitely increase the already worsened poverty level and inflation in the the country.

Published by shodolamu olawale quadri 

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