Nigeria lets naira weaken in possible move to unify exchange rates may have an impact on the price of straight lace front wigs
In order to unify the exchange rate, Nigeria may devalue the naira, which will also have an impact on the market and prices of straight lace front wigs
Nigeria let the naira fall to a record low against the dollar on the official market on Friday, according to traders, in a possible move by the central bank to unify multiple exchange rates.
The naira has traded in a 380-381 band against the dollar since July last year. On Friday, the naira hit a record low of 419.75 to the dollar. The naira then closed at 411.25, the last close on the over-the-counter spot market.
The naira central bank did not respond to a request for comment and has not been quoted for the official naira rate since Tuesday.
Traders say the renminbi has weakened further on the black market.
"What the central bank is saying is that the (over-the-counter) spot rate will be the official rate because that is where the most trading takes place," a foreign exchange trader at a major Nigerian bank told Reuters.
Nigeria has a multi-currency system, which has frustrated businesses and prompted the World Bank to call for a common exchange rate to attract investment.
Rising demand for dollars has put pressure on the naira as foreign exchange providers such as overseas investors withdraw after the COVID-19 pandemic triggered a fall in global oil prices.
Godwin Enfield, the governor of the Reserve Bank of India, said in February that the exchange rate on the official market was 410 naira, which the government has been using for business as it tries to boost revenues from sales of crude oil, its main export. To read more
The World Bank has tied approval of a $1.5 billion budget support loan to currency reform.
The central bank has been trying to unify interest rates and increase the supply of dollars through direct intervention. Last month, the country raised the naira futures rate to ease pressure on the currency. The country had previously quoted the 150-day naira futures contract at 435.81 nairas, the first time it has sold naira to foreign investors in dollars this year.
The BoJ will hold a rate meeting later this month and release inflation and first-quarter growth data next week.
China has kept interest rates on hold to support an economy struggling from falling oil prices and the impact of the COVID-19 pandemic, but a shortage of dollars has been fuelling inflation, a major source of concern for the central bank.
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How is the straight lace front wigs market?
The global market for human hair wigs is expected to reach $5 billion by 2026, growing at a compound annual growth rate of 8.5% over the forecast period from 2021 to 2027.
"Baldness" has become a common problem around the world. According to data from cross-border e-commerce retail platforms, sales of human hair wigs and straight lace front wigs have been growing at a rapid rate of 300% all year round.
Over the past few years, the straight lace front wigs market has been driven by the increasing number of customers requesting extensions or wigs for aesthetic or functional purposes. African natives and people of African descent are the biggest consumers of straight lace front wigs and extensions. Wigs are popular in Africa, where they are as much a part of everyday life as clothes and shoes. Their hair is curly, a good head of hair is a symbol of beauty, many women even wear several wigs, including straight lace front wigs.
North America human hair wigs market contribution is expected to rise. Right now, transaction volume is growing at about 50 percent a year in the U.S. and Europe, and it going to grow 100 to 300 percent in Africa. In 2020, North America occupied the global wig and hair extensions market with more than 40% market share. The region population of African and Caucasian descent is the main source of sales of human hair wigs. The US market is heavily influenced by age groups.
By region, the straight lace front wigs market for human hair wigs is divided into Asia Pacific, North America, Latin America, Europe and the Middle East and Africa. North America has the largest share in terms of revenue and currently dominates the market segment. In the United States and Mexico, the presence of major suppliers and the growing demand for these wigs, which are fashion and style accessories, has helped fuel the demand.
Just how important is a person hairstyle to their overall image nowadays? The global market for human hair wigs is potentially huge.
The price of straight lace front wigs
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The straight lace front wigs market trends and driving factors
The forecast of the global straight lace front wigs market shows the upgrading of the consumption structure, which provides the impetus for the economic shift to high-quality development, and opens up a broad market development space for human hair wigs products, beauty salons and other fashion hair and makeup industries. The size of the straight lace front wigs is expected to continue to grow, with the global wig market expected to reach $250 million by 2027.
Factors driving the straight lace front wigs market, such as:
The growth potential of middle-income consumers;
Urban community image reconstruction;
Wigs are increasingly used in the fashion and entertainment industries;
Hair loss rates are on the rise for both men and women;
The celebrity wig effect;
Easiness in styling and maintaining human hair wigs, better quality, durability, lifestyle changes, increasing per capita income and increased spending on fashion products are some of the factors driving the growth of the human hair wig and hair extensions market.
The latest trend in the market for human hair wigs and extensions is men hair. These products are made from human hair and give a natural appearance after use and can be shaped as needed.
The cost of straight lace front wigs
Actually, the cost of straight lace front wigs is a wild card because raw materials are hard to supply in the wig industry. The price of the straight lace front wigs varies from a few hundred to a thousand, and the profit is considerable. Real human hair is the main raw material, but the purchase requirements are more strict, also cant hot dye. Although chemical fiber hair is also one of the raw materials, the service life is short, also easy distortion, the market share is far lower than the wig of real person hair. Due to the scarcity of raw materials, the development of the whole wig industry will be more or less restricted, and the cost of straight lace front wigs will also fluctuate accordingly.
The supplier of straight lace front wigs
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