DEPRECIATION OF THE NIGERIAN NAIRA IN THE FORIEGN EXCHANGE MARKET

DEPRECIATION OF THE NIGERIAN NAIRA IN THE FORIEGN EXCHANGE MARKET Written By: Otitonaiye Damilare Femi. It's no doubt the Nigerian Naira has experienced massive depreciation in the international currency benchmark in recent time, as economist and foreign exchange experts gave analysis on it. The international business operators are seen experiencing great difficulty doing business through Nigeria Naira due to high foreign exchange rates. The Nigeria’s ones powerful currency has overtime experience depreciation in the foreign exchange markets around Africa, as investors seek alternative currencies to do business in Africa and round the globe. Otiscornerblogspot, through some foreign exchange researchers made a list of some African Countries Currency and how the Nigerian Naira is fairing against them in the international exchange market. Here is the list: South Africa: Rand 1= ₦79 Angola: 1Kwanza = ₦12 Botswana: 1Pula = ₦28 Cape Verde: 1Escudo = ₦8 Alge...