Federal Character
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion
No Result
View All Result
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion
No Result
View All Result
Federal Character
No Result
View All Result
Home Business & Finance

August Agony: Naira Gasps as Dollar, Euro, Pound Mock Its Collapse

Eriki Joan UgunushebyEriki Joan Ugunushe
August 15, 2025
in Business & Finance
0
October Onslaught: Naira Free-Falls as Dollar, Euro, Pound Tighten the Noose
Share on FacebookShare on TwitterShare on Whatsapp

The Nigerian Naira has been dealt yet another humiliating blow in the black market, as foreign currencies—particularly the Dollar, Euro, and Pound—continue their merciless assault.

As of Friday, August 15, the Naira plummeted further against the US Dollar (USD), Euro (EUR), and British Pound (GBP), stirring fresh panic about the worsening chaos in Nigeria’s foreign exchange market.

Table of Contents

Toggle
  • Black Market Exchange Rates That’ll Make You Shudder:
  • Why Is the Naira Constantly on Life Support?
  • Bleak Future Ahead?

Black Market Exchange Rates That’ll Make You Shudder:

Dollar to Naira (USD/NGN)
Buying: ₦1,560 | Selling: ₦1,545

Euro to Naira (EUR/NGN)
Buying: ₦1,790| Selling: ₦1,760

Pound to Naira (GBP/NGN)
Buying: ₦2,110| Selling: ₦2,080

These figures, sourced from the parallel market (popularly known as Aboki FX or BDC), paint a grim picture. With demand for foreign currencies soaring and supply drying up, the Naira seems to be fighting a losing battle.

August Agony: Naira Gasps as Dollar, Euro, Pound Mock Its Collapse

Why Is the Naira Constantly on Life Support?

This is a full-blown economic crisis with deep, uncomfortable roots:

Interest Rates:
While other countries attract foreign investors with competitive rates, Nigeria struggles with erratic policies that scare off even the most adventurous investors.

Trade Imbalance:
Nigeria imports everything from toothpicks to generators, with little to export. The result? A perpetual deficit that keeps dragging the Naira down.

Foreign Direct Investment (FDI):
Foreign investors aren’t exactly lining up to pour money into a volatile economy riddled with insecurity and poor infrastructure.

Government Policies:
The Central Bank of Nigeria’s ever-changing forex policies only seem to add fuel to the fire. From sudden bans on imports to confusing forex rationing, the Naira has been stuck in policy limbo.

Global Factors:
Oil prices, inflation, and global tensions also play their part—but let’s be honest, the house was already on fire before these external sparks showed up.

Bleak Future Ahead?

Make no mistake, this crisis is far from over. Nigeria’s foreign exchange market is now a ticking time bomb, and every policy misstep or global tremor pushes the Naira closer to freefall.

For millions of Nigerians, this means more than just bad headlines. Food prices, transport fares, school fees, and healthcare costs are already spiraling out of reach. Yet, somehow, the government continues to downplay the crisis, leaving citizens to fend for themselves in a collapsing economy.

Tags: cbnfederal characterFinancegovernmentNewsNigeria
Eriki Joan Ugunushe

Eriki Joan Ugunushe

Eriki Joan Ugunushe is a dedicated news writer and an aspiring entertainment and media lawyer. Graduated from the University of Ibadan, she combines her legal acumen with a passion for writing to craft compelling news stories.Eriki's commitment to effective communication shines through her participation in the Jobberman soft skills training, where she honed her abilities to overcome communication barriers, embrace the email culture, and provide and receive constructive feedback. She has also nurtured her creativity skills, understanding how creativity fosters critical thinking—a valuable asset in both writing and law.

Related Posts

Dangote Refinery Set to Dethrone India’s Jamnagar, Becomes World’s Largest
Business & Finance

Dangote Refinery Set to Dethrone India’s Jamnagar, Becomes World’s Largest

October 26, 2025
The Tariffs Gets Dumber Everyday
Business & Finance

The Tariffs Gets Dumber Everyday

October 26, 2025
October Onslaught: Naira Free-Falls as Dollar, Euro, Pound Tighten the Noose
Business & Finance

October Onslaught: Naira Free-Falls as Dollar, Euro, Pound Tighten the Noose

October 25, 2025
Next Post
Arteta Sets Sights on Major Title as Arsenal Prepare for New Season

Arteta Sets Sights on Major Title as Arsenal Prepare for New Season

China Showcases AI Power at World Humanoid Robot Games

China Showcases AI Power at World Humanoid Robot Games

Brighton Boss Hürzeler Confident Carlos Baleba Will Not Join Manchester United

Brighton Boss Hürzeler Confident Carlos Baleba Will Not Join Manchester United

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Naira Projected to Reach N1,804/$ Amidst Exchange Rate Volatility in 2025 – Report

Naira Projected to Reach N1,804/$ Amidst Exchange Rate Volatility in 2025 – Report

10 months ago
Taliban Ban Triggers Steep 95% Drop in Afghanistan’s Opium Poppy Supply

Taliban Ban Triggers Steep 95% Drop in Afghanistan’s Opium Poppy Supply

2 years ago
Nigerian Vice-President Kicks Off Road Project, Food Item Distribution In the North-East

Nigerian Vice-President Kicks Off Road Project, Food Item Distribution In the North-East

2 years ago
Makinde signs €50 million agreement with France for healthcare and education

Makinde signs €50 million agreement with France for healthcare and education

3 years ago

Categories

  • Beauty
  • Business & Finance
  • Entertainment
  • Fashion & Lifestyle
  • Food & Nutrition
  • Government
  • Health
  • News
  • Politics
  • Relationship and Life
  • Sports
  • Tech

Topics

2023 Aboki/Bureau De Change (BDC) apc Arsenal buhari Business cbn chelsea china court Davido Dollar Efcc Election Entertainment Euro and Pounds To Naira Exchange Rate For Today exchange rates for the Nigerian Naira (NGN) Fashion federal character federal government Finance food Football Foreign News government health inec Israel lagos Manchester United Naira Naira Black Market exchange rates News Nigeria pdp police Politics president protest Russia Sports tinubu trump ukraine US
No Result
View All Result

Highlights

Dangote Refinery Set to Dethrone India’s Jamnagar, Becomes World’s Largest

Details of What Led to Pretty Mike’s Arrest During NDLEA Raid in Lagos Nightclub

Venezuela’s Maduro says the US is ‘fabricating’ a war against him

Matty Cash Fires Aston Villa Past Manchester City as They Suffer First League Defeat Since August

Eze​‍​‌‍​‍‌ Haunts Former Club as Arsenal Edge Past Crystal Palace to Extend Premier League Lead

The Tariffs Gets Dumber Everyday

Trending

Arrests Rock Cameroon as Paul Biya Eyes Eighth Term at 92
Government

Arrests Rock Cameroon as Paul Biya Eyes Eighth Term at 92

byEriki Joan Ugunushe
October 26, 2025
0

It feels almost unreal that in 2025, Cameroon is still wrapped around the same old story, Paul...

Why the Louvre Jewelry Theft Was an Attack on French Fashion History

Why the Louvre Jewelry Theft Was an Attack on French Fashion History

October 26, 2025
Bellingham​‍​‌‍​‍‌ and Mbappé Fire Real Madrid to El Clásico Glory Over Barcelona

Bellingham​‍​‌‍​‍‌ and Mbappé Fire Real Madrid to El Clásico Glory Over Barcelona

October 26, 2025
Dangote Refinery Set to Dethrone India’s Jamnagar, Becomes World’s Largest

Dangote Refinery Set to Dethrone India’s Jamnagar, Becomes World’s Largest

October 26, 2025
Details of What Led to Pretty Mike’s Arrest During NDLEA Raid in Lagos Nightclub

Details of What Led to Pretty Mike’s Arrest During NDLEA Raid in Lagos Nightclub

October 26, 2025

We launched Federal Character in February 2021 based on the belief that the world is in need of smarter and more efficient reporting of events shaping our rapidly changing world. We pledged to put our audience first, always.

Recent News

  • Arrests Rock Cameroon as Paul Biya Eyes Eighth Term at 92
  • Why the Louvre Jewelry Theft Was an Attack on French Fashion History
  • Bellingham​‍​‌‍​‍‌ and Mbappé Fire Real Madrid to El Clásico Glory Over Barcelona

Categories

  • Beauty
  • Business & Finance
  • Entertainment
  • Fashion & Lifestyle
  • Food & Nutrition
  • Government
  • Health
  • News
  • Politics
  • Relationship and Life
  • Sports
  • Tech

© 2024 FederalCharacter.com

No Result
View All Result
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion

© 2024 Federalcharacter.com