FG Reportedly Plans Fresh Devaluation of the Naira as it Now Exchanges at N520 to $1

It has been reported that the Federal Government is planning to devalue the naira following its worst run in years.

*Photo used for illustrative purpose*

 

According to SaharaReporters, the Federal government is allegedly planning to devalue the naira following the abysmal depreciation it has continued to suffer against the dollar.

 

As at today, N520 exchanges for a dollar at the parallel market leaving more Nigerians in economic hardship as prices of goods and services skyrockets.

 

President Muhammadu Buhari had succumbed to pressure by devaluing the naira in May 2016, but there has been no impact of that to the economy forcing for another call for the naira to be devalued.

 

 

Financial experts have advocated a further devaluation if the country is to attract the needed foreign inflows to be able to jumpstart the economy as it grapples with its worst recession in 25 years.

 

With dollars becoming scarcer and the economy on the brink of its first full-year recession since 1991, Nigerian businesses are being forced into the black market. There, each dollar costs N523, almost 70 percent more than the official rate.