The naira has significantly depreciated in Nigeria’s parallel (black) market, reaching a new low of approximately N1,739 to the U.S. dollar. This sharp decline underscores the growing pressure on Nigeria’s currency, driven by high demand for dollars amid economic challenges. The depreciation impacts both the cost of imports and inflation rates, further straining citizens’ purchasing power and increasing the prices of goods and services.
Efforts to stabilize the naira through official channels have struggled to meet the robust demand for foreign exchange, particularly in the black market, where rates are often much higher than those set by official banks.
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