Categories: Business

Naira crashes massively against Euro (See new exchange rate)

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.

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.

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