The Nigerian Naira has taken another 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: Analysts warn that if the Central Bank of Nigeria (CBN) does not intervene soon, the Naira could weaken further, driving up the cost of imported goods, fuel, and food nationwide.
The Fact: The Naira hit ₦1,750 in the parallel market today.
The Reason: The US Federal Reserve is expected to keep interest rates high because the US added 66,000 jobs (beating expectations). This makes the Dollar a "king" and crushes the Naira.
The Expert Warning: Financial analysts (SBM Intelligence) warn that the CBN is prioritizing "stability" over "appreciation," meaning don't expect the Naira to get stronger anytime soon.
The "Juicy" Detail: External reserves are at an 8-year high of $46 billion, but the CBN is "defending" the currency rather than letting it gain value.
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