Browsing: NAIRA

The price is largely determined by the forces of demand and supply. The demand for crude has declined globally. The United States of America have become the largest producers of crude oil hence cutting down on the need to import crude to supplement its domestic needs. Since the US market shut its doors to Nigerian crude, the Asian market has been our best bet

The naira, which had been trading around N241 and N243 against the greenback for a long time, began a steady decline about three weeks ago when the Central Bank of Nigeria stopped the sale of foreign exchange to over 1,600 Bureaux De Change operators due to improper documentation