Ninjastic
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Board Economics
Re: Nigerian naira hits record black market low of 1,100 per dollar
by
KingsDen
on 21/10/2023, 13:36:40 UTC
Quote from: Synonyms on October 19, 2023, 04:35:08 AM
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

This is not a good news for Nigerians in Nigeria as the level of inflation is outrageous in the country. The naira is losing its buying power on a faster lane and the effect is telling on Nigerian citizens who save in naira. It is nice to let us understand that Nigerians were deceived for more than 35 years to devalue her currency (naira) and the effect is what we are seeing now.

Nigerians are suffering high level of inflation because of the exchange rate which has increased the cost of goods coming into the country and secondly because of the increment of PMS caused by the removal of fuel subsidy.