Etini
Valued Contributor
For those of us in Nigeria doing businesses whose inputs are imported, the exchange rate is very important to us. This is so because the exchange rates have a direct bearing on our cost of production. It is also the same for freelancers.
At the beginning of this week, the dollar was traded at 900NGN to a dollar. This was very high. As for me, I had cut back the scale of my business. From Thursday, there was a massive turnaround. The dollar started falling rapidly and by Friday it had gone down to between 650NGN to 660NGN to a dollar. Speculations are that the dollar would keep falling.
I want to know the reason for the crash of the dollar against the naira. Is it true that it would keep on talking? What are the dynamics that are responsible for this fall? I would like to learn and gain knowledge about this. Please share your thoughts.
At the beginning of this week, the dollar was traded at 900NGN to a dollar. This was very high. As for me, I had cut back the scale of my business. From Thursday, there was a massive turnaround. The dollar started falling rapidly and by Friday it had gone down to between 650NGN to 660NGN to a dollar. Speculations are that the dollar would keep falling.
I want to know the reason for the crash of the dollar against the naira. Is it true that it would keep on talking? What are the dynamics that are responsible for this fall? I would like to learn and gain knowledge about this. Please share your thoughts.
