The Naira has weakened by at least eight percent. The Nigerian Naira continues to weaken considerably in value against the world’s leading currencies like the dollar and pounds sterling.
As of Tuesday, May 25, 2021, the exchange rate stands at N410.25/$1 as seen on the website of the Central Bank of Nigeria (CBN).
The CBN has officially adopted the Nigerian Autonomous Foreign Exchange (NAFEX) rate for the valuation of the nation’s currency.
NAFEX rate unifies the nation’s multiple exchange rates or windows into a rate that can be relied on by investors, exporters, and end-users alike.
Nigeria’s economy and its currency have been hit hard by the novel coronavirus pandemic and a slew of harmful, hare-brained government policies.
Inflation, poverty, and unemployment rates are also at record highs.