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Fluctuations in commodity prices, interest rates, and international trade dynamics can affect reserves. High reserves provide a buffer against external shocks and ensure economic stability. [208] Reserves help the RBI manage the exchange rate of the Indian rupee.
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The US dollar exchange rate is an estimated average of the official rate throughout a year and does not reflect the parallel market rate at which the general population accesses foreign exchange. This rate ranged from a high of 520 in March 2017 to a low of 350 in August 2017, due to a scarcity of forex (oil earnings had dropped by half), and ...
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 ...
The 2023 Nigerian currency crisis was precipitated by a shortage of cash currency (the naira) and an attempt by the Nigerian government to force citizens to use a newly created government-sponsored central bank digital currency. This led to extensive street protests in mid-February 2023.
Daily Post is a Nigerian newspaper published by Daily Post Media Ltd., based in Lagos. It reports on local and national news, politics, metro, business, entertainment, sports and opinions. In March 2015, the newspaper debuted the free distribution of its print version across Nigeria. [1] [2] [3]
Canada on Monday halted operations at its embassy in Nigeria until further notice and issued a warning against nonessential travel to the west African nation, joining the United States and United ...
Established in 1949 by Chief Obafemi Awolowo, it is the oldest privately-owned Nigerian newspaper still in circulation. [1] During the colonial period, the Nigerian Tribune served as a platform for promoting Obafemi Awolowo’s welfare programs and represented the interests of the Yoruba community during a time of ethnic competition. [2]