Foreign exchange crisis got worse on Thursday as the value of the local currency declined even more, trading at N1,600 to the dollar on the black market.
This occurred a few days after the local currency crossed N1,500 to one dollar at the official market, marking an all-time low.
Recent attacks on the naira have been extremely severe and have defied many interventions by the Central Bank of Nigeria (CBN), making the country’s inflation and cost of living crises worse.
The naira has reportedly lost more than 50% of its value in the last five months.
Remember that in September 2023, the dollar briefly reached N1,000 on the black market. Up until the New Year, it fluctuated at that pace before beginning a free decline.
Nigeria’s currency is depreciating even though the federal government has received $2.25 billion in foreign exchange support from AfreximBank and has partially offset its outstanding foreign exchange liabilities. [CONTINUE READING HERE]
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