- Nigerian currency has dropped to its lowest level against the US dollar at the official market
- Naira depreciation comes amid rising demand for the dollar by exporters and holiday travelers
- Foreign reserves, which is used to satisfy demand, have also decreased, dropping N151.9 million in 22 days
Naira, Nigeria’s legal tender on Friday, 23 December 2022, recorded an all-time depreciation against the dollar at the official market known as the Investors and Exporters (I&E) forex window.
This happened as more Nigerians, importers continue to demand dollars for their holiday travels, shopping, and business.
