Business
Naira crashes massively against US Dollar at black market
In a concerning turn of events, the Nigerian Naira has experienced a significant crash against the US Dollar in the black market. Reports gathered from black market FX operators reveal a stark disparity in exchange rates.
Traders have disclosed that they are purchasing foreign exchange (FX) from customers at an average rate of N1005 for $1, only to resell it at a much higher rate of N1010 for $1. This alarming fluctuation highlights the growing instability in the Nigerian currency’s value, causing worry among traders and the public alike.
The widening gap between the buying and selling rates accentuates the challenges faced by Nigerians in accessing foreign exchange, impacting various sectors of the economy. It is imperative for relevant authorities to address this issue swiftly and implement measures to stabilize the currency and ensure a more favorable exchange rate for the citizens.
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