Political events in Rivers state dominated the headlines over the last week and the economy remains somewhat in the background.
While the official Naira – US Dollar exchange rate remains fixed at N197 – USD1, the Central Bank of Nigeria (CBN) did announce a major change in policy.
The CBN decided to raise the benchmark interest rate from 11 to 12%, so good news for all you savers out there!
So, good news for the savers, but what about the spenders? Well, the last week has proven to be one of remarkable stability for the Naira as its purchasing power has remained the exact same against the dollar, holding at N320 – USD1.
The Naira’s value against the GBP barely changed either as you can see below, and as the OPEC basket oil price barely shifted, this stability looks set to continue for the foreseeable future.
