Shocking Situation: Today's Dollar Rate to Naira!

It's very unfortunate how things have deteriorated in Nigeria since the current government floats the value of the naira against the dollar.

In less than five months, the naira has lost more than 50 percent of its value. Just yesterday, the naira was trading at N1,060/$ in a parallel market, but now it is at N1,150/$.

If you had saved N1 million in dollars at the beginning of this year, you will currently have above N1.5 million due to this high inflation rate, while your N1 million saved in a local account has only 50% of its purchasing power remaining.

We will be discussing several ways to mitigate this situation to your favour in the next post.

What's the way forward to reduce inflation in Nigeria and boost the country's economy? Share your thoughts.