Nigeria’s Forex Market in Freefall: Naira Plummets to N1,100/$1 on Black Market

Nigeria’s exchange rate woes have deepened as the naira plunged to a record low of N1,100 against the US dollar on the black market, according to forex traders.

Investors King, a leading financial news source, confirmed the greenback was exchanged between N1100 and N1110 earlier today in the unregulated forex segment.

This significant depreciation comes on the heels of a historic low in the official Nigerian Forex Market, where the naira dropped to a record N848/$1 on Tuesday.

This marks a pivotal moment in Nigeria’s ongoing exchange rate crisis with far-reaching implications for the country’s economy.

Economic experts cite various factors contributing to this drastic devaluation, including dwindling foreign reserves, increased demand for foreign currency, and global economic uncertainties.

The government now faces mounting pressure to implement effective measures to stabilize the exchange rate and restore confidence in the naira.

As the nation grapples with this financial turmoil, businesses, investors, and citizens brace themselves for challenging times ahead.