Nigeria's Naira:
A Currency in Crisis

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

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The currency of Africa's largest economy has been weakening due to speculative activities and excess demand. [{ "selector": ".fadxq-a", "duration": "500ms", "fill": "forwards", "delay": "500ms", "keyframes": [ {"offset": 0, "transform": "translateX(-280px)", "opacity": "1"}, {"offset": 1, "transform": "translateX(0)", "opacity": "1"} ] }, { "selector": ".ozmls-a", "duration": "500ms", "fill": "forwards", "delay": "500ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }, { "selector": ".qotid-a", "duration": "500ms", "fill": "forwards", "delay": "1500ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }]

Nigeria's naira fell to a record low of 980 to the US dollar on the black market on Wednesday, September 20, 2023. [{ "selector": ".xngbg-a", "duration": "500ms", "fill": "forwards", "delay": "500ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }, { "selector": ".jzspb-a", "duration": "500ms", "fill": "forwards", "delay": "1250ms", "keyframes": [ {"offset": 0, "transform": "translateX(calc(360px - 155px))", "opacity": "1"}, {"offset": 1, "transform": "translateX(0)", "opacity": "1"} ] }, { "selector": ".smofx-a", "duration": "500ms", "fill": "forwards", "delay": "1000ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }]

This is a significant decline from its official exchange rate of 773.50 naira to the dollar. [{ "selector": ".ngote-a", "duration": "500ms", "fill": "forwards", "delay": "500ms", "keyframes": [ {"offset": 0, "transform": "translateX(-82px)", "opacity": "1"}, {"offset": 1, "transform": "translateX(0)", "opacity": "1"} ] }, { "selector": ".ejwzl-a", "duration": "500ms", "fill": "forwards", "delay": "500ms", "keyframes": [ {"offset": 0, "transform": "translateX(calc(360px - 265px))", "opacity": "1"}, {"offset": 1, "transform": "translateX(0)", "opacity": "1"} ] }, { "selector": ".fbzbo-a", "duration": "500ms", "fill": "forwards", "delay": "1500ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }]

Reasons of Weakening

The naira has been weakening for some time now, due to a number of factors, including: [{ "selector": ".edbfo-a", "duration": "500ms", "fill": "forwards", "delay": "500ms", "keyframes": [ {"offset": 0, "transform": "translateX(-280px)", "opacity": "1"}, {"offset": 1, "transform": "translateX(0)", "opacity": "1"} ] }, { "selector": ".dtegk-a", "duration": "500ms", "fill": "forwards", "delay": "1000ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }, { "selector": ".lrgzn-a", "duration": "500ms", "fill": "forwards", "delay": "500ms", "keyframes": [ {"offset": 0, "transform": "translateX(calc(360px - 95px))", "opacity": "1"}, {"offset": 1, "transform": "translateX(0)", "opacity": "1"} ] }, { "selector": ".xjnwm-a", "duration": "500ms", "fill": "forwards", "delay": "2000ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }, { "selector": ".irnsl-a", "duration": "500ms", "fill": "forwards", "delay": "1500ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }]

*Speculative demand *Excess demand *Official market liquidity [{ "selector": ".awmxg-a", "duration": "500ms", "fill": "forwards", "delay": "1000ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }, { "selector": ".wpdel-a", "duration": "500ms", "fill": "forwards", "delay": "500ms", "keyframes": [ {"offset": 0, "transform": "translateX(calc(360px - 199px))", "opacity": "1"}, {"offset": 1, "transform": "translateX(0)", "opacity": "1"} ] }, { "selector": ".kacql-a", "duration": "500ms", "fill": "forwards", "delay": "500ms", "keyframes": [ {"offset": 0, "transform": "translateX(-270px)", "opacity": "1"}, {"offset": 1, "transform": "translateX(0)", "opacity": "1"} ] }, { "selector": ".bqpub-a", "duration": "500ms", "fill": "forwards", "delay": "2000ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }]

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Nigeria's Naira: A Currency in Crisis

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

Reasons of Weakening

Nigeria's Naira:
A Currency in Crisis