- The naira fell to a low of N1,045 on Wednesday, October 12, 2023
- Bloomberg reported that this is due to declining reserves and dollar inflow
- The disparity between the official and unofficial rates continues to widen
The Central Bank of Nigeria is having trouble funding corporate and individual demand for the dollar, hence, the naira has continued to plunge.
According to a Bloomberg report, this is due to the declining reserves and dollar inflows, causing the Nigerian naira to collapse to new lows of N1,030 on the black market on Wednesday, October 11.
