Nigerians may face another wave of economic stress as the naira took a hit in the parallel market, plunging to a staggering £1,750 against the US dollar following strong employment data from the United States.
The decline was in direct response to the U.S. non-farm payrolls (NFP) report, which showed a stronger-than-expected labor market, which strengthened the dollar globally and put significant pressure on the naira.
Why your savings are at risk:
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US data impact: Financial experts warn that U.S. 66,000 jobsmore than 60,000 people were expected. This makes the dollar the “king” and crushes the naira.
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Potential depreciation: Experts predict that the currency will depreciate further if the Central Bank of Nigeria (CBN) does not intervene soon.
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Fuel link: Fuel marketers have threatened strikes in response to these economic changes.
