The Nigerian naira has noted a slight downturn in value against the USD. The Naira is down (NAFEM) to N1,148.14/$1 on April 16, sliding against the US dollar in the foreign exchange market.
The USD gained strength as the NGN slumped to a new low. The Nigerian currency was recently dubbed the best-performing currency in the world, establishing supremacy against rising currencies and economies.
Also Read: US Dollar Fails to Surpass Nigerian Naira Despite Outpacing Yuan & Yen
Why is Naira down?
Source: ShutterStock / abujagalleria.com
The Naira depreciated against the USD in the latest market dynamics. Naira is down 1.07%, or N12.10 depreciation, compared to the previous day’s closing rate of N1,136.04/$1(April 16) per legit.org.
One of the primary reasons why the naira plummeted recently was due to the interventions made by the Central Bank of Nigeria concerning the…
