The Nigerian currency, the naira, has been on a steady decline against the US dollar, and this depreciation has had significant ramifications for the country’s economy. One of the most noticeable effects is the sharp decline in cargo imports, which plummeted by 65 percent during the third and fourth quarters of the year. On Monday, October 30, the naira reached an all-time low, trading at around N1,150 to a dollar in the black market.

The weakening naira has also impacted the duties imposed on all imports, forcing some importers to......

https://ratecaptain.com/naira-depreciation-forces-imports-down-by-65-in-q3-2023/

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