The Naira still depleting against the Dollars, Pounds and the Euros.
How well is the Nigeria Naira, compared to other countries currencies, like the US-Dollars, UK-Pounds and European-Euros.
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| This Image Above Was Taking In 2019 At About 04:35pm. Seeing How The Naira Devaluation Over The Years. Comparing it with the current exchange rate on the table below. |
Over this years, the Naira has lost it's values in the forex trade market. That is, comparing the Naira against the Dollars, Pounds and the Euros. This which some may say, it is as a result of bad economy and mismanagement of public found. Administrations upon administrations, that had come and gone, but none could fixed this depletion of the Naira. “A Daily Foreign exchange rates table fx-rate.net widget for daily updates of the Naira exchange rate”.
Naira Exchange RateThe Exchange rate reflects the ratio at which one currency can be exchange with another currency, namely the ratio of currency prices. It is the value of a foreign nation’s currency in terms of the home nation’s currency. It also specifies how much one currency is worth to other currency. A correct “exchange rate” has been one of the most important factors for economic growth in the economies of most developed countries, whereas regular fluctuations or inappropriate exchange rate has been a major obstacle to economic growth in Nigeria.
In Nigeria today, exchange rates and its constant movement is of great importance to the nation, because one way or the other its fluctuation has an effect on the competence of the economy to attain optimal productive capacity. To strengthen the Naira, the Central bank needs to formulate policies that should stern foreign exchange control policies to be put in place in order to help in appropriate determination of the value of the exchange rate. This will in the long run help to strengthen the value of the Naira.
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