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Nigeria's Naira:
A Currency in Crisis

NGN/USD : Nigeria's Naira Falls to Record Low on Black Market

The currency of Africa's largest economy has been weakening due to speculative activities and excess demand.

Nigeria's naira fell to a record low of 980 to the US dollar on the black market on Wednesday, September 20, 2023.

This is a significant decline from its official exchange rate of 773.50 naira to the dollar.

The naira has been weakening for some time now, due to a number of factors, including:

Reasons of Weakening

*Speculative demand
*Excess demand
*Official market liquidity

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