May 28, 2024

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Nigerian Currency Reverses Early April Gains, Depreciating by 12% in Seven Days

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Nigerian Currency Reverses Early April Gains, Depreciating by 12% in Seven Days
Nigerian Currency Reverses Early April Gains, Depreciating by 12% in Seven DaysThe Naira recently depreciated by 12% in just seven days, thus shedding all the gains it made against the U.S. dollar in early April. Local media reports attribute the volatile naira’s latest drop to the growing mismatch between the supply and demand of foreign exchange. Demand and Supply Mismatch Just weeks after nearly breaching the […]