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According to a recent (June 2024) report by Naija News, the parallel market exchange rate of the naira to the U.S. dollar is around ₦1483 per 1 USD, significantly higher than the official Central Bank of Nigeria rate. This disparity highlights underlying economic challenges and market pressures. [69] Rate of the Nigerian naira for US$1 (1994 ...
Also, in many African currencies there have been episodes of rampant inflation, resulting in the need for currency revaluation (e.g. the Zimbabwe dollar). In some places there is a thriving street trade by unlicensed street traders in US dollars or other stable currencies, which are seen as a hedge against local inflation. The exchange rate is ...
In April 2024, a prominent Nigerian cross-dresser, Bobrisky, was arrested for defacing naira banknotes. [24] The arrest was made by the Economic and Financial Crimes Commission (EFCC) after an investigation into social media videos that appeared to show Bobrisky throwing money in the air at a film premiere the previous month. [ 25 ]
When he took over, the exchange rate was 460 naira to the US dollar. In November 2024 it was over 1,600. The triple shock of higher fuel prices, sporadic shortages of supply and a depreciating ...
The ZiG started trading on 8 April 2024 with an exchange rate of 13.56 ZiG per US dollar and was subsequently allowed to freely float. [ 38 ] As a result of inflation, on 27 September 2024, the RBZ devalued the ZiG by 42.55% against the US dollar. [ 39 ]
Police fire tear gas during a protest against Nigeria's cost-of-living crisis in Abuja on Aug. 1, 2024. ... is also at 28-year high and the local naira currency at record lows against the dollar.
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