Naira crashes massively against dollar at black market

The Nigerian Naira witnessed a substantial depreciation in value against the American Dollar on Monday, October 9, 2023.

Reports from the financial market indicate that the exchange rate hit alarming levels, severely affecting the purchasing power of the Naira.

At the parallel market, the exchange rate was recorded at an alarming 1009 Naira to dollar for buying and 1002 Naira to 1 naira for selling.

This stark depreciation highlights the economic challenges and volatility faced by Nigeria’s currency in the global market.

The rapid devaluation of the Naira against the dollar raises concerns about the country’s economic stability and its ability to maintain a competitive position in the international market.

Experts and financial analysts are closely monitoring this situation and assessing its potential impact on the Nigerian economy and its citizens.

Treasure Orokpo

A multi-talented individual with a passion for diverse fields, Treasure Orokpo is a trained journalist, skilled cook, and AI enthusiast. When she's not uncovering the latest stories, you can find her whipping up culinary creations in the kitchen and entertainment.

Recent Posts

Tinubu makes fresh appointment

President Bola Ahmed Tinubu has appointed Abdulrazak Yusuf Tukur as the National Commissioner for the…

10 mins ago

AGF completes legal steps to free minors detained in #EndBadGovernance protests

The Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), has completed…

13 mins ago

I won’t attack Peter Obi, but truth must prevail – Doyin Okupe

Former presidential spokesperson Doyin Okupe has stated he would never disparage Peter Obi, the 2023…

23 mins ago

Content creation is so lucrative, I could buy four Lamborghinis – Josh2Funny

Nigerian skit maker Chibuike Josh Alfred, better known as Josh2Funny, has stated the lucrative nature…

26 mins ago

Petrol price hike: Focus on competition not monopolistic control – PETROAN challenges Dangote

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has accused Dangote Refinery of…

28 mins ago

Black Market Dollar to Naira Exchange Rate Today 5th November 2024

The black market dollar to naira exchange rate for today, 5th November 2024, can be…

32 mins ago