Naira to Dollar today: Dis na di highest wey naira don trade against di dollar? – BBC.com
Wia dis foto come from, Getty Images
Di Nigerian currency trade against di US dollar for di I&E at ₦791.42 on Tuesday, 25 July 2023.
Recently, di naira don depreciate well-well against di dollar and dis development dey cause tok-tok for different quarters as many pipo dey wonder wetin go be di future of di Nigerian currency.
Since President Bola Tinubu announce im monetary reform wey to ensure say instead of di Central Bank of Nigeria, CBN, na market forces go determine di price of foreign currencies for di kontri, di difference between di parallel market price and official rate of di dollar don reduce.
Nigerian Central Bank, CBN bin decide to allow the local currency Naira to trade more freely against the United States Dollar.
Di decision come afta President Bola Tinubu commit to putting in one place Nigeria multiple exchange rates during im inauguration last month.
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2013 – ₦157.27
2014 – ₦169.68
2015 – ₦196.99
2016 – ₦305.22
2017 – ₦306.31
2018 – ₦306.92
2019 – ₦306.95
2020 – ₦381
2021 – ₦410.47
2022 – ₦449.05
While di current official rate of di US dollar to Nigerian naira na ₦791.42 as at di time of filing dis report, di parallel market rate na about 865 naira.
Wia dis foto come from, Getty Images
Nigerian investment analyst Victor Aluyi wey tok say wetin dey currently happun to di naira na sake of say CBN no dey meet up wit di supply demand of di dollar, and dis dey make many pipo shift towards di parallel market – and e dey weaken di value of di naira.
Aluyi say many pipo don dey project say di official rate fit enta 1,000 naira and dem don dey plan ahead of dis possibility.
According to di ogbonge investment analyst, di way out of dis na for di CBN to address di issue by ensuring say dem meet up wit di supply demand of di dollar.
“For di naira to appreciate against di dollar, na di hands of di CBN e dey,” Aluyi tell BBC Pidgin.
Anoda ogbonge expert wey follow BBC Pidgin shook mouth for dis mata Nigerian economist Bismarck Rewane.
Rewane tok say wetin dey happun be say di market dey volatile and di naira get di tendency to appreciate but e fit no appreciate to wetin e dey before but e go perform well.
Di expert, however, tok say sake of di volatility di price of di dollar fit even fall.
“Currency market by nature always dey volatile. E no dey monodirectional. E fit be 890 tomorrow and e fit be 700 plus afta dat – e no dey fixed,” Rewane tell BBC Pidgin.
One financial expert, Femi Oladehin, wey also follow BBC Pidgin tok shook mouth for di CBN floating. E say Nigerians go endure hardship in di short term before tins go balance out.
“So di biggest benefit of all dis be say our production lines go come front and dis don address di imbalance we see in di last eight years.
“Though Nigerians go need endure in di short term before tins go come beta,” Oladehin tok.
Oga Muda Yusuf wey dey work with di Centre for the Promotion of Private Enterprise tell BBC say wetin CBN do go unlock investment and create jobs for Nigeria.
Mr Yusuf also add say di move go give investors beta confidence about Nigeria wey go make dem invest dia money for di kontri.
“Wetin goment do go allow correct investment to enta and jobs too and e go also give massive confidence to investors.” Yusuf tok.
While Victor Aluyi wey be Senior Vice President for Sankore investment tell BBC Pidgin say dis move by di Nigerian goment dey ‘long overdue’.
According to Mr Aluyi, di move go make dollar more accessible to pipo and go also lead to medium and long term investment for di kontri.
“Dis na bold move from dis goment and I commend dem for dis because now, restrictions no dey again and investors go surely like am.”
“Not immediately, but for medium and long term, dis move get ogbonge benefits for di kontri in terms of investment.”
Oda financial experts wey BBC Pidgin tok to on di mata also agree with Mr Aluyi saying Nigeria stand to benefit from wetin CBN announce.
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