Naira to Dollars exchange rate reaches new high

The Nigerian economy is crumbling and that is affecting everyone and the value of businesses and goods in Nigeria. The buying power for Naira has been plummeting at about 25 percent yearly.

In 2019, dollar was around N350 to $1, now, in 2022, dollar to Naira exchange rate stood at N720 to $1 via black market rate.

The Naira to dollar continues to reach new high yearly, the election is also expected to weigh down on the strength of Naira and this means that good will become expensive.

This means, every N1000.00 Naira note will only have a N750 buying power by the end of the year.

What should investor do when the Naira continues to lose value? How are you keeping up you business when you are doing transactions in Naira? We want to hear from you.