On September 18, 2023, the Nigerian Naira experienced a significant depreciation against the Euro in the black market. Reports indicated that the Naira’s value dropped to N995 for buying and N1010 for selling, signifying a sharp decline in its value compared to the Euro.
This decline in the Naira’s value against the Euro in the black market can have far-reaching implications on various sectors of the Nigerian economy. It can affect the cost of imported goods and services, leading to potential increases in prices for consumers. Additionally, it may impact the purchasing power of individuals and businesses, potentially affecting investments and economic stability within the country. Addressing and stabilizing the exchange rate is likely to be a priority for the Nigerian government and relevant financial institutions to mitigate the adverse effects of this depreciation.