Showing posts with the label Dollars

Naira Fall Against The Dollar

The Naira has been on free fall against the dollar for some time now, falling as far as a dollar to N350 of the parallel market. The question most people are asking is why the dollar is falling at such a pace now, who is to blame? Is it the present government? While the present government should assume responsibility and find a way to fix the economy, it should be noted that it is not a situation created by the present government, rather a situation they find themselves due to global market demand and Nigeria lack of investment in other sectors of the economy overtime. Nigeria major export is known to be crude oil which makes almost 75% of the country income. Over the years the oil market has been booming and Nigeria oil has been of great demand thus the country has lots of foreign reserves and can cater for the demand of foreign currency by Nigerians. It should be also noted that Nigeria is a major importing country. We import lots of good from luxury items such as wine, clothing’s…