23 Jun 2023
Naira Achieves Convergence as Official, Parallel Rates Close at N756
The naira has finally achieved convergence, with the official and parallel rates closing at N756 per dollar on Tuesday. This is a significant development, as it means that the naira is now trading at a more realistic level.
The convergence of the naira rates is due to a number of factors, including the recent unification of the exchange rate windows by the Central Bank of Nigeria (CBN). The CBN has also been taking steps to increase the dollar supply, which has helped to stabilize the naira.
The convergence of the naira rates is good news for the Nigerian economy. It will make it easier for businesses to import goods and services, which will boost economic growth. It will also make it easier for Nigerians to travel abroad and remit money home.
AVMPay e-wallet can play a role in helping to further stabilize the naira. AVMPay is a secure and convenient way to make online payments in naira. This will make it easier for Nigerians to make online purchases, which will help to increase demand for the naira.
Here are some of the benefits of using AVMPay:
* It is a secure and convenient way to make online payments.
* It is very affordable, with fees that are much lower than traditional wire transfers.
* It is available in multiple currencies, making it easy to use for international transactions.
AVMPay could be a new way out of Nigeria's dilemma. Making it easier and cheaper for Nigerians to make online payments in naira, it would make the country more attractive to foreign investors and help to stabilize the naira.
* The convergence of the naira rates is a positive development, but it is important to note that the naira is still a relatively weak currency.
* The CBN will need to continue to take steps to increase dollar supply in order to maintain the stability of the naira.
* AVMPay e-wallet would play a role in helping to further stabilize the naira.
