Naira crashes, exchange at N776.90/$1 in official market, N788/$1 in black market

The Nigerian Naira fell significantly against the American Dollar on Friday, both in the official and illicit markets.

The Naira fell to N776.90 per dollar on the official market and to N788 per dollar in the black market.

Although the Naira fell somewhat in the Peer-to-Peer (P2P) segment of the foreign currency market during the session, the drop was minor in comparison to the official and black market values.

This decline in the value of the Naira raises concerns about the currency’s stability and purchasing power in Nigeria. Market participants are constantly monitoring the situation in order to analyse the factors causing the Naira’s decline and the potential impact on the economy.

Business Post Nigeria provided the original article.

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