Post
Topic
Board Economics
Re: Nigerian naira hits record black market low of 1,100 per dollar
by
Spaceman1000$
on 19/10/2023, 17:00:50 UTC
Nigeria's naira hit a record low of 1,100 per dollar on the black market on Wednesday, online platform abokiFX showed, a day after the currency hit a new low on the official market due to persistent dollar shortages.

The naira has been in freefall on the unofficial market, where it trades freely, which worsened after currency restrictions were lifted on the official market.source

The economy of Nigeria is currently on a live support machine, the economy is in dire need of respiration. Exporters are finding the situation not funny as they cannot get a good return in investment after bringing in goods into the country in hard currency, because inflation is on the high side, and local retailers purchasing power is weak. Nigeria is an oil producing state, just like Qatar and other oil nations that are doing well, so why is Nigeria own different.