The Nigerian Naira has been reported to trade at approximately N1,750 against the US dollar in the black market.
This significant depreciation reflects ongoing challenges in Nigeria’s foreign exchange market, characterized by a shortage of US dollars and high demand for foreign currency.
The black market rates often diverge sharply from the official rates set by the Central Bank of Nigeria, leading to increased pressure on individuals and businesses reliant on foreign currency for imports and transactions.
This situation underscores the urgent need for effective monetary policies and measures to stabilize the naira and restore confidence in the official forex market.
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