Sat. Jun 22nd, 2024

FG Secures $3b Loan to Stabilize the FX Rate as Naira Drops to N872 Following the Previous Week’s Hike to N930

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Following the previous week’s rise of the Naira to an unprecedented rate to USD, the rate dropped today after a series of meetings by the CBN together with the Bureau De Change. 

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Remember in the previous week, the rate of USDT to Naira was over N940 and made an all-time high of N965 per dollar. 

It was a thing of happiness and sadness for both remote workers and business owners. For remote workers, it was a momentary hike in earnings as prices of commodities rise. 

Visit here for Our Daily Naira to USDT Rate Update.

While for business owners, it was a total disaster. The steady unstable rate of the naira to the dollar has drastically caused the economy and purchasing power of Nigerians to crumble. 

Federal Government of Nigeria through the Nigerian National Petroleum Company Limited, on Wednesday, announced that it had secured a $3bn emergency crude oil repayment loan from the African Export-Import Bank. 

It said the loan would be used by the oil company to support the Federal Government in stabilising Nigeria’s exchange rate hence the price drop. 

While the drop happened, it’s not entirely a win because prices of goods are still skyrocketing. Hopefully, the rate will continue to drop and the country’s economy gets better. 

About The Author

By Tony Chimdiuto

Diutocoinnews Admin. Send all publications to info@diutocoinnews.com.ng

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