The announcement of the removal of fuel subsidy by the Federal Government as well as strong rumours of a devaluation of the naira by the Central Bank of Nigeria last week instanteneously caused a setback in the value of the currency against the dollar in the black market.
The naira which was exchanging for a dollar at the rate of N320 fell badly to N360 on Saturday. Today, 16th of May, 2016 seems to have given the Nigerian economy a glimpse of hope following an impressive recovery of the naira.
See details in the screenshot below:
SHARE THIS