Nigerians may be facing another wave of economic tension as the Naira took a massive hit in the parallel market, crashing to a staggering ₦1,750 against the U.S. Dollar following the release of strong jobs data from the United States.
This drop comes directly in response to the US Non-Farm Payrolls (NFP) report, which showed a stronger-than-expected labor market, strengthening the Dollar globally and putting immense pressure on the Naira.
Why Your Savings are at Risk:
US Data Impact: Financial experts warn that the US added 66,000 jobs, beating expectations of 60,000. This makes the Dollar a "king" and crushes the Naira.
Potential Devaluation: Experts predict further devaluation if the Central Bank of Nigeria (CBN) does not intervene soon.
Fuel Link: Fuel marketers are already threatening a strike in response to these economic shifts.
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