A weakened Naira means a higher consumer price index and a rise in price of foodstuff.
The Central Bank of Nigeria (CBN) has been holding on to scarce foreign currencies in its coffers, in order to shore up the Naira and prevent a depletion of the nation’s foreign reserves.
However, this hasn’t stopped the country’s currency from weakening further against the dollar, for instance.
This week, the Pound Sterling is exchanging for N610 and the Euro trades for N550.
