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.
Unfortunately Africa is a continent that faces perpetual problems, it is mainly stymied by corruption because strong institutions and justice systems take years to build but can be crippled in a short period by greedy, self interested politics. If I recall correctly Nigeria is the most prosperous nation in Africa, which is partially attained just through having the largest population. It takes generations to turn a country around and make it more productive, but that can also be hindered by neighboring countries for different reasons. The transportation network across Africa is fragile, both by road and fragmented railways, but that can often be a precursor to creating cheap and efficient trade.