Reactions as Naira strengthens against Dollar

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Nigeria is battling rising inflation, food inflation, forex crisis, economic hardship and high cost of living occasioned by the removal of petrol subsidy, attracting protests in parts of the country as the purchasing power of the naira and disposable income of common Nigerians shrink in the face of the forex crisis and inflation.

The Nigerian naira has seen a dip in the last nine months since the President Bola Tinubu administration collapsed the foreign exchange window. Prices of commodities have skyrocketed to as high as double as the naira experienced an all-time low, falling from about N700/$1 last May to about N2,000/$1 last month, before its gradual appreciation in March.

CBN disclosed yester that it will sell Dollar to BDC Operators at N1,251/$1.

This implies that Naira to Dollar is between N1251 to N1300/$1.

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