Business
Naira hits all-time low at official market, trades at N422/$1
The Nigerian naira has dropped by 2.6 percent to N422 per dollar, hitting an all-time low at the Nigerian autonomous foreign exchange (NAFEX) rate — the default FX reference for official and legitimate transactions.
NAFEX rate is the prevailing rate in the investor and exporters (I&E) window which the Central Bank of Nigeria (CBN) adopted in May 2021 as the country’s official forex market.
The sharp decline came days after Vice-President Yemi Osinbajo called the CBN to allow the naira reflect the realities of the market.
Osinbajo had said the exchange rate is artificially low and deterring investors from bringing foreign exchange into the country.
Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.
She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others
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