Nigeria Currency Devalues Over 5%
Nigeria joins Venezuela, Lebanon, and a host of other countries whose currency begins to free-fall into nothingness. Bitcoin solves the ills of fiat, Bitcoin solves all of this.
No End in Sight as Nigeria Devalues Currency Over 5%
The Nigerian government continues to devalue its currency, the naira, according to reports from the central bank. The bank offered naira at a recent auction at 380 to the dollar, an increase of over 5%.
The increase followed a previous rate increase which saw a fixed price for dollars at 307 naira. The increase for the fixed currency auction reflects the black market pricing for dollars that is currently closer to 388 naira per dollar.
This devaluation also unifies the multiple exchange rates that the country has used. The International Monetary Fund (IMF) continues to call for a unification of its exchange rates. Unsurprisingly, the rate structure has caused substantial confusion among foreign investors.
Nigeria’s central bank hopes to stem the tide of inflationary pressures caused by the oil devaluation. As the most populous of the Oil Producing and Exporting Countries (OPEC), Nigeria experienced massive economic damage from the oil price collapse due to COVID.
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