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:
*Official market liquidity
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