Naira Hits All-Time Low Against Dollar in Black Market

On Wednesday morning, the Nigerian Naira reached an all-time fall of N1,830 per dollar in the parallel market, commonly known as the black market.

Naira’s fall represents a 7.10 per cent decline compared to the previous day’s closing rate of N1,700.

The observed depreciation underscores the severity of the current economic challenges, as the drop marks the lowest point in the historical performance of the Naira.

Adding to the woes, the Naira’s continued devaluation in the black market is worsened by a substantial surge in inflation.

According to recent reports from the National Bureau of Statistics (NBS) for January 2024, the inflation rate surged to 29.90 per cent, a great rise from the 28.92 per cent recorded in the previous month.

Naira’s constant depression against dollar soars despite measures by the Central Bank of Nigeria (CBN) to uphold the supply of foreign exchange (forex).