Nigeria’s Naira dropped to an all-time low against the U.S.
dollar today, crushed by the tumbling price of oil, rendering the
Central Bank’s staunch efforts to stem the decline ineffective.
The dollar rose as high as 187 naira in early afternoon, eclipsing a previous record of 186.90 set on December 2nd. That brings the buck’s year-to-date climb against the naira to 16.8% and its appreciation so
far in December to 4.7%.
Doubts remain about whether it went far enough given the likelihood of continuing low oil prices and the fact that Nigeria’s oil savings were being depleted even during a period of record high crude prices.
The dollar rose as high as 187 naira in early afternoon, eclipsing a previous record of 186.90 set on December 2nd. That brings the buck’s year-to-date climb against the naira to 16.8% and its appreciation so
far in December to 4.7%.
Doubts remain about whether it went far enough given the likelihood of continuing low oil prices and the fact that Nigeria’s oil savings were being depleted even during a period of record high crude prices.
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