Nigeria is to devalue naira

CURRENCY TROUBLES: Hoping to attract investment.

AS previously reported, Nigeria, one of Africa’s potentially strongest economies which depends so heavily on oil revenues, has been experiencing significant troubles with obtaining foreign currency. 

Having blocked credit cards and transfer of funds out of the country, the black market rate between the dollar and naira has doubled over the last few weeks.

Several years ago, a new naira was introduced almost ‘overnight’ which meant a lot of the illegally held, black market and money-laundered currency became worthless.

Now the naira is to be devalued in the hope it will attract new foreign investment.

FacebookTwitterRedditWhatsAppTelegramLinkedInEmailCopy Link
Go Back
Written by

Euro Weekly News Media

Share your story with us by emailing [email protected], by calling +34 951 38 61 61 or by messaging our Facebook page


    Leave a comment

    Your email address will not be published.