Nigeria’s currency, the naira, has suffered another significant drop in value against the U.S. dollar, further exacerbating the country’s economic challenges. On the parallel market, the naira now exchanges at unprecedented rates, deepening worries over inflation and the cost of living.
Economists attribute the naira’s depreciation to a combination of high demand for foreign currency and inadequate supply. Despite government interventions, such as unifying exchange rates and removing fuel subsidies, the situation remains dire for businesses and individuals relying on imports.
Experts are urging the Central Bank of Nigeria to adopt more effective policies to stabilize the currency. Meanwhile, the decline has led to increased prices of goods and services, further straining household incomes across the country.
