Naira Faces Dramatic Depreciation, Casting A Shadow Over Nigeria’s Economic Stability

Nigeria’s currency, the naira, has experienced a concerning drop in its value, raising alarms about the country’s economic outlook, according to data from Q3 2023.

The parallel or “black” market witnessed the most significant setback, where the exchange rate plunged a staggering 23% from N770/$1 to N1000/$1. In contrast, the official exchange rate went from N769.25/$1 to N755.27/$1 by the end of Q3, as reported by Nairametrics.

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