Nigerians Shun Local Currency— Seek to Protect Wealth From Inflation and Currency Depreciation with Foreign Currency

Nigerians are thought to be accumulating foreign currencies which they believe will protect their wealth from the naira’s volatility as well as the surging inflation. Further, as a research paper in a journal published by the Central Bank of Nigeria (CBN) found, Nigerians’ use of dollars exceeds IMF’s 30% threshold. Exchange Rate Volatility and Currency […]