ROSES ARE RED, DOLLARS ARE GREEN
As a way to mitigate the devaluation of the Naira, many Nigerians have taken a “seemingly strategic” move of converting their naira assets into dollars…..
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dollars
Devaluation: Meaning and Implications.
Devaluation refers to the reduction in the official value of a currency in relation to other currencies. Nigerian Naira relative to US Dollar is currently $1=N416.21 (Official rate) Nigerian Naira relative to US Dollar is currently $1= N570 (Parallel market) What a huge gap between both markets! This is a major rationale for arbitrage (purchase
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