Naira Resumes Gain Against Dollar in Official Market Crashes in Another Market

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The Rise of the Naira: A Story of Resilience and Recovery

The Nigerian naira, once a symbol of economic instability, has made a remarkable comeback on the foreign exchange market. After years of devaluation, the naira has regained its pre-2015 level of appreciation against the US dollar, a testament to the resilience of the Nigerian economy.

The Road to Recovery

The journey to recovery has been long and arduous, marked by periods of economic turmoil and instability. The naira’s devaluation was a direct result of the country’s economic woes, including a decline in oil prices, a widening trade deficit, and a lack of foreign exchange reserves. Key factors contributing to the naira’s devaluation: + Decline in oil prices + Widening trade deficit + Lack of foreign exchange reserves + Inadequate monetary policy + External shocks Despite these challenges, the Nigerian government has taken steps to address the economic issues and stabilize the currency. The Central Bank of Nigeria (CBN) has implemented various measures to boost the economy, including:

Monetary Policy Interventions

The CBN has taken a proactive approach to addressing the economic challenges facing the country. Some of the key monetary policy interventions include:

  • Interest Rate Adjustments: The CBN has adjusted interest rates to stimulate economic growth and encourage investment.

    Naira Sees Significant Appreciation Against US Dollar Due to Inflation and Economic Growth.

    Exchange Rate Update

    The naira has seen a significant appreciation in its value against the US dollar in recent days. As of Tuesday, the exchange rate stood at N1,525 per dollar, marking a substantial increase from the previous day’s rate of N1538.50. This represents a gain of N13.5 against the dollar.

    Key Factors Contributing to the Appreciation

    Several factors have contributed to the naira’s appreciation against the US dollar. Some of these factors include:

  • Inflation rate: The Central Bank of Nigeria has been working to control inflation, which has led to a decrease in the money supply and an increase in interest rates. This has made the naira more attractive to investors, causing its value to appreciate. Economic growth: The Nigerian economy has been growing steadily, with a projected GDP growth rate of 4% in This growth has led to an increase in foreign investment, which has put upward pressure on the naira’s value.

    The minimum deal size has increased from $50,000 to $100,000, and the dollar is expected to appreciate by 1.5% to 2% this week.

    The Rise of Street Currency Traders

    Street currency traders, also known as “street traders” or “street dealers,” are individuals who buy and sell currencies on the streets, often in informal markets. These traders operate outside of the formal banking system and use various methods to exchange currencies, such as cash, credit cards, or even cryptocurrencies.

    Key Features of Street Currency Traders

  • They operate in informal markets, often in areas with high foot traffic, such as tourist areas or major cities.

    Introduction

    The guideline is a set of rules and principles that aim to promote transparency and accountability in the use of artificial intelligence (AI) and machine learning (ML) technologies. The goal is to ensure that these technologies are developed and used in a way that respects human rights, dignity, and well-being.

    Key Principles

    The guideline is built around several key principles, including:

  • Transparency: The use of AI and ML technologies should be transparent, with clear explanations of how they work and how they are used. Accountability: There should be clear lines of accountability for the development and use of AI and ML technologies, with mechanisms in place to address any negative consequences. Fairness: AI and ML technologies should be designed and used in a way that is fair and unbiased, with no discrimination or prejudice. Privacy: The use of AI and ML technologies should respect human privacy, with clear measures in place to protect sensitive information. Human Oversight: There should be human oversight and review of AI and ML decision-making processes to ensure that they are fair, transparent, and accountable.

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