The Dollar to Naira today sits at N416.25 according to exchange figures from the Central Bank of Nigeria. This figure shows that the local currency continues to maintain stability amidst a number of factors that influence the value of the dollar to naira in the exchange market.
The naira stood at 415.98/$1 on Wednesday, March 23rd, after closing at N417/$1 dollar on Tuesday, March 22nd, 2022.
Also, with the Pounds Sterling and the Euros, the local currency improved to N549.66/£1 against the N550.62/£1 and N457.63/€1 against the N458.17/€1 respectively, from the previous figures on Wednesday 23rd March.
At the unregulated black market, the dollar to naira today ranges from N582/$1 to N583/$1.
The volume of Naira in Circulation Falls
According to the central bank, the volume of naira in circulation reduced Month-on-Month by 0.27% to N3.29 trillion from N3.25 trillion in January 2022. This is alongside data that reveals that credit facilitated by banks to the private sector rose by 4.23% to N36.9 trillion last month from N35.4 trillion in January 2022.
The CBN made this data available after its Monetary Policy Committee meeting in a communique tagged Money and Credit Statistics. The apex bank also disclosed that this data supports the idea positive activities may be going on in the country to boost the economy owing to the increase in credit to the private sector.
However, experts believe that the value of the naira may be informing Nigerians to move their money out of the economy because of the exchange rates in order to buy foreign currency.
Expert Project Massive Job Losses
Experts have also projected that there may be massive losses in the workforce owing to the country’s ongoing foreign exchange shortages and economic issues. In an interview with the media, Segun Ajayi-Kadir, Director-General of the Manufacturers Association of Nigeria (MAN), projects that the currency crisis might lead to enormous job losses in the manufacturing industry as well as other sectors.
Segun revealed that manufacturers have been obliged to use BDC operators and that the group had contacted the Federal Government for immediate assistance.
Cryptocurrency Today
In the digital currency exchange market, Bitcoin showed a slight improvement with a 0.82% increase that represents N17.68 million/1BTC against a slight drop in value the previous day.
Ethereum also showed a 1.87% increase which represents N1.25/1ETH.
