how does the scarcity of dollars led to the Nigerian naira

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01-10-2021
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how does the scarcity of dollars led to the Nigerian naira

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Dakshsikka791idn Dakshsikka791idn · Answer 1 · 2021-10-01T09:48:12-04:00

Dakshsikka791idn Dakshsikka791idn

01-10-2021

Answer:

What led to the devaluation of Nigeria currency?

In 2016, the central bank banned the sale of dollars to exchange bureaux to avoid depleting Nigeria's reserves after a sharp drop in oil prices. The move triggered a 60% fall in the currency on the parallel market and a sharp devaluation on the spot market.

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