Nigerian Currency Reverses Early April Gains, Depreciating by 12% in Seven Days

Nigerian Currency Reverses Early April Gains, Depreciating by 12% in Seven Days

The Naira recently depreciated by 12% in just seven days, thus shedding all the gains it made against the U.S. dollar in early April. Local media reports attribute the volatile naira’s latest drop to the growing mismatch between the supply and demand of foreign exchange.