eNaira: What is the Fate of the Nigerian Naira?

Naira denominaions

Following the unveling of the eNaira, the strength of the naira against various other currencies is still very much argued. President Muhammadu Buhari says the eNaira will increase Nigeria’s GDP by $29 billion over ten years which, is a great deal. Other benefits, including faster and safer payment options with the rise of a digital economy have also been identified. However, the currency, though it has quite the media coverage, may have failed to settle comfortably in the minds of Nigerians. Many still doubt the stabilty of the Naira in any case.

On Monday, 25th October, Naira rallied to #413.6/$ before settling back down to #410.2/$ until now in the forex market. This could be evidence of how unfazed the naira is by this development. Naira sells today at #567/$ in the parallel market. Meanwhile, sentiments of #1000/$ are in still in view.

See More:- eNaira: Nigeria’s Digital Awakening?

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