๐๐ข๐ ๐ž๐ซ๐ข๐š๐ง๐ฌ ๐’๐ก๐ฎ๐ง ๐๐š๐ข๐ซ๐š ๐Ÿ๐จ๐ซ ๐…๐จ๐ซ๐ž๐ข๐ ๐ง ๐‚๐ฎ๐ซ๐ซ๐ž๐ง๐œ๐ข๐ž๐ฌ ๐ญ๐จ ๐’๐ญ๐จ๐ซ๐ž ๐–๐ž๐š๐ฅ๐ญ๐ก โ€ฆ ๐๐ฅ๐จ๐จ๐ฆ๐›๐ž๐ซ๐ 

Nigerians Shun Naira for Foreign Currencies to Store Wealth โ€ฆย Bloomberg
“The naira has lost 66% of its value since 2009 when it exchanged at 149 naira to the dollar”ย Bloomberg

At 18.17%, Nigeriaโ€™s inflation quickened to the highest level in four years in March, more than double the 9% limit of the central bankโ€™s target range and over 500 bps higher than 2009 average. As a result, Nigerians have been accumulating foreign currencies to protect their wealth from naira volatility and surging inflation, according to a research paper in a journal published by the Central Bank of Nigeria.

Continue reading article by Bloomberg

Read CBN Journal


๐๐ž๐ฐ๐ฌ ๐‡๐ž๐š๐๐ฅ๐ข๐ง๐ž๐ฌ:

๐Ÿ”ธBusinesses lose $29 billion yearly to poor electricity, says World Bank

๐Ÿ”ธMotorists groan as gridlock cripples movement on Oshodi/Apapa expressway

๐Ÿ”ธNigeria can earn N1tr yearly from smoked fish, say Adamawa fishers

๐Ÿ”ธโ€˜60% of Nigerians lack access to smartphones, digital devicesโ€™

๐ˆ๐ง๐ญ๐ž๐ซ๐ง๐š๐ญ๐ข๐จ๐ง๐š๐ฅ ๐๐ž๐ฐ๐ฌ

๐Ÿ”ธ U.S. to double public climate finance to developing countries by 2024

๐Ÿ”ธ UK retail sales surge before lockdown easing, borrowing leaps, too

๐Ž๐ข๐ฅ ๐š๐ง๐ ๐„๐ง๐ž๐ซ๐ ๐ฒ

๐Ÿ”ธโ€˜Aramco Aims To Refinance $10 Billion Worth Of Loans

๐Ÿ”ธ Nigeria needs 300,000MW electricity for double-digit growth

๐Ÿ”ธ Libya’s Oil Production Slides Below 1 Million Bpd

๐Ÿ”ธ NNPC, SEEPCO seal pact to unlock 1.2TCF gas from OML 143

๐‚๐จ๐ฏ๐ข๐-๐Ÿ๐Ÿ— ๐”๐ฉ๐๐š๐ญ๐ž


๐Ÿ”ธ Nigeria records no COVID-19-related deaths in 10 days, 100 new cases
๐Ÿ”ธ Lagos govt opens up on COVID-19 vaccines side effect





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