The price of NAIRA to dollar has changed in the last two weeks rapidly, though the price in the last 24hrs is really massive from around N600/1$ to N820/1$ ever since the Nigeria SEC release a press that the bank should trade the forex in floating rate instead of initial fixed rate. NAIRA keeps dropping from 400 per dollar to N600 now N820 officially.
predictions
I previously made post here about the naira and SEC announced towards the floating rate and I was able to break down the concept behind this and my opinion towards the current situation.
I stated the reasons why I think that the price of dollar to naira will keep pumping, one of the reasons is the stability of the country economy which is not to be compared to USA 馃様 so it will be a big issues to meet up and stabilize the price. It will only happen if the country economy and production sector improve and becomes self dependant.
here is the previous post where I analyze the out come of floating rate
Onward
Well i still think we can pull to to N2000/1$ before next year my prediction can be right or wrong but my opinion is that people who save in NAIRA should also consider saving in dollars so Incase they need to make international transaction they won't spend more.
