Posted 2/24/2024, 1:04:01 PM
Naira in Free Fall Despite Efforts to Prop Up Currency; Nigerians Seek Profits Through Crypto as Oil Prices Fluctuate
- Naira exchange rate continues to worsen despite efforts to stabilize it, falling to 1851 vs USD
- Nigeria's import demand and forex supply are imbalanced due to speculators seeking short-term profits
- Devaluation has failed to achieve anything, only adding pain without benefitting people
- Nigerians betting against the naira to make extra income via crypto exchanges and fintech platforms
- Brent crude oil prices steadied around $82/barrel, while WTI fell to $77 on rise in US stockpiles
