US Dollar Appreciates Slightly As Naira Slumps: What's Happening USD Appreciates Slightly As Naira Slumps: What's Happening
The Nigerian naira has noted a slight downturn in value against the USD. The Naira is down (NAFEM) to N1,148.14/$1 on April 16, sliding against the US dollar in the foreign exchange market. The USD gained strength as the NGN slumped to a new low. The Nigerian currency was recently dubbed the best-performing currency in the world, establishing supremacy against rising currencies and economies. Also Read: US Dollar Fails to Surpass Nigerian Naira Despite Outpacing Yuan & Yen Why is Naira down? Source: ShutterStock / abujagalleria.com The Naira depreciated against the USD in the latest market dynamics. Naira is down 1.07%, or N12.10 depreciation, compared to the previous day’s closing rate of N1,136.04/$1(April 16) per legit.org. One of the primary reasons why the naira plummeted recently was due to the interventions made by the Central Bank of Nigeria concerning the region’s FX reserves. “Data shows that the CBN has removed abo...