Re: Nigerian naira hits record black market low of 1,100 per dollar
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Let me put the naira into perspective, in 1985 the rate was 0.89, and now it's 1:1000, losing 1000 the purchasing power against the usd!
Anyhow the government seems to be on the right path to de-dollarization, in 2-3 years nobody in that country would be able to afford even one 1$!
Let me put the naira into perspective, in 1985 the rate was 0.89, and now it's 1:1000, losing 1000 the purchasing power against the usd!
Anyhow the government seems to be on the right path to de-dollarization, in 2-3 years nobody in that country would be able to afford even one 1$!
I was looking at the official exchange rates. The decline is somewhat modest during the last 20 years. Two decades back, the exchange rate was 1 USD = 138 Naira, and now it is 1 USD = 818 Naira. Many of the global fiat currencies have gone down even more. One example is that of Turkish Lira. It has gone from 1 USD = 1.48 TRL to 1 USD = 28.15 TRL. Even here in India, the INR has devalued from 1 USD = 31.42 INR to 1 USD = 83.23 INR. The USD is simply too strong for the other fiat currencies. BTW, the black market rates are not that different from the official rates (1100 vs 818).