The Nigerian naira has reached an unprecedented low in the official market, as the exchange rate plummeted to N993 per US dollar on the Nigerian Foreign Exchange Market (NAFEM), marking a colossal 20.5% depreciation.

This fall surpasses the previous lowest point of N848/$1 recorded just two weeks ago, which, at the time, had already raised alarm bells with its 8.17% depreciation in a single day. The decline has left both experts and citizens alike questioning government’s efforts in stabilizing the naira.


Furthermore, the official market saw a sharp drop in trading volume, with a turnover of only $88.3 million, representing a 66% decrease from the $259.8 million recorded just last Friday. Intra-day highs and lows painted a grim picture, fluctuating between N998/$1 and N475/$1, with the latter being particularly shocking, offering a N523/$1 discount compared to the closing rate.

To read more, click the link below '
https://www.primebusiness.africa/naira-hits-all-time-low-as-exchange-rate-dips-to-n993-1-on-official-nafem/

Nigeria is ranking top ten Lowestoft county in the world

To those wishful thinkers wey dey parade themselves as tinubu supporters

Your lord needs to first stabilize the economy before we can even start saying anything about growth

But una dey dere dey expect abracadabra

Una go wait tire ooo