Naira’s Nightmare. On Friday, June 17, 2016, the Central Bank of Nigeria (CBN) abandoned the Nigerian naira’s (NGN or N) fixed exchange rate and allowed the currency to float. Previously fixed against the U.S. dollar at , the naira closed at on Monday, June 20, the first day of trading following the float. The naira quickly floated (sunk) to NGN 324.50 by August 18. Similarly, the naira fell from NGN to on June 20 and NGN 347.7721 on August 18.
o a. What was the percentage change in the value of the Nigerian naira versus the dollar the first trading day?
o b. What was the percentage change in the value of the naira versus the dollar by August 18, 2016?
o c. What was the percentage change in the value of the Nigerian naira versus the euro the first trading day?
o d. What was the percentage change in the value of the naira versus the euro by August 18, 2016?