The Dollar to Naira Today in the exchange market as of Tuesday, 29th March stands at N416.25/$1 – maintaining the same rates from the previous exchange widow – this is according to rates from the Central Bank of Nigeria.
With the Pounds Sterling and the Euros, the local currency fell to N547.12/£1 and 461.83/€1 respectively – This is against the local currency’s previous N545.91/£1 and N456.54/€1 from exchange rates as of Monday, 28th March.
Dollar To Naira Today in The Black Market
In the unregulated parallel black market, Investors King observed that the exchange between peer-to-peer for the Dollar and Naira currently ranges from N580/$1 to N585/$1. The rates are different from location to location across the country.
CBN Disbursed Over N3tr to Save Economy
The Central Bank of Nigeria has disclosed that had disbursed over N3 trillion in intervention loans aimed to facilitate economic recovery and generate employment opportunities since the wake of the COVID-19 pandemic. The CBN governor, Godwin Emefiele disclosed this at the Ekiti State University (EKSU), Ado-Ekiti, while delivering a lecture for convocating students titled: “The Role of Central Bank in Managing Economic Downturns.”
The CBN governor revealed that the apex bank had disbursed N948 billion to 4,478,381 small-holder farmers to boost food production in the country while also establishing about 12.5 million direct and indirect jobs for Nigerian youths.
Investors King recalls that following the novel coronavirus that led to a nationwide lockdown, the CBN had worked alongside some financial institutions to provide household and SME loans to Nigerians in a bid to alleviate the economy. This was followed by a number of other policies that the apex bank introduced in a bid to save the economy.
However, many Nigerians have decried that the economy continues to deteriorate with inflation on the rise. And this is due to a number of reasons with the exchange rate being one of them.
Cryptocurrency Today
In the digital currency exchange market, Bitcoin and Ethereum took a dip as stakeholders still project higher exchange values in the coming weeks. Bitcoin fell to N19.63 million/1BTC against the previous rates at N19.76 million/1BTC – this represents a o.60% decrease for the popular digital currency.
The second most popular cryptocurrency, Ethereum, also declined to N1.41 million/1ETH which represents a 0.73 decline against previous values at N1.42/1ETH.
