Nigerians Worried as Naira Faces Volatility Against Major Foreign Currencies

Date:

Nigerians expressed growing concern over the exchange rates of the naira against the U.S. dollar as of 4:30 PM GMT+1 on Friday, April 26, 2024. Major foreign exchange rates were reported, indicating fluctuations in the value of the naira against various currencies.

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At that time, the exchange rate for the U.S. dollar to Nigerian naira stood at 1306.2200, showing a significant increase of 1.89% from the previous rate of 1281.9904. This rise raised concerns among Nigerians about the stability of the naira in the foreign exchange market.

At 4:30 PM GMT+1 on Friday, April 26, 2024, major foreign exchange rates against the U.S. dollar were reported as follows:

– **EURUSD:** The euro to U.S. dollar exchange rate stood at 1.0700, showing a decrease of 0.25% from the previous rate of 1.0727. The exchange rate change over the weekly, monthly, and yearly periods were 0.41%, -1.17%, and -2.97% respectively.

– **GBPUSD:** The exchange rate for the British pound to U.S. dollar was recorded at 1.2492, reflecting a decline of 0.12% compared to the previous rate of 1.2507. Over the weekly, monthly, and yearly periods, the exchange rates changed by 1.02%, -1.14%, and 0.06% respectively.

– **USDCHF:** The U.S. dollar to Swiss franc exchange rate was at 0.9133, marking a slight increase of 0.07% from the previous rate of 0.9127. Changes over the weekly, monthly, and yearly periods were 0.36%, 1.11%, and 2.20% respectively.

– **USDRUB:** The exchange rate for the U.S. dollar to Russian ruble was 91.2444, indicating a decrease of 0.75% compared to the previous rate of 91.9339. Changes over the weekly, monthly, and yearly periods were -2.01%, -1.26%, and 11.87% respectively.

– **USDNGN:** The U.S. dollar to Nigerian naira exchange rate stood at 1306.2200, showing an increase of 1.89% from the previous rate of 1281.9904. Changes over the weekly, monthly, and yearly periods were 13.49%, -7.70%, and 183.98% respectively.

– **USDZAR:** The exchange rate for the U.S. dollar to South African rand was recorded at 18.7735, representing a decrease of 1.37% compared to the previous rate of 19.0343. Changes over the weekly, monthly, and yearly periods were -1.65%, -0.60%, and 2.77% respectively.

(Continued…)


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Godwin Okafor
Godwin Okaforhttps://naija247news.com
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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