Nigerians Shun Naira for Foreign Currencies to Protect Wealth

Naira gains 0.58% as banks compete to meet dollar demand

An investigation by BusinessDay shows that a dollar is priced at N510 in some parts of Lagos streets

Nigerians are accumulating foreign currencies to protect their wealth from naira volatility and surging inflation, according to a research paper in a journal published by the Central Bank of Nigeria. “Higher real-exchange rate volatility is associated with an increased level of currency substit

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