Should Nigerians be worried about the rise of exchange rate
in Nigeria? As at today, a pound to naira is now N311 while a dollar to naira
is now N204. After a lot of research conducted, it looks like the naira has
devalued by more than 25% in the last few years while as at yesterday the naira
to a pound was 304. It devalued by 2.5%.
On the other hand, Venezuela's
currency only devalued by 9% even though they were more affected by the fall in
oil prices because they were able to put economic policies in place to reduce
the rate of the devaluation in the same time period and reduce the impact of
the reduction in oil prices.
"At this rate of devaluation, our currency could end up
like the Zimbabwe Dollars and become worthless within the next few years if
necessary economic policies are not put in place." an Economist said
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