Naira crashes massively, hits N1,003 per dollar at black market

The Nigerian Naira has suffered a severe and abrupt devaluation against the United States Dollar, plummeting to an alarming 995 Naira per 1 USD for buying and 1003 Naira per 1 USD for selling within the black market.

Verified by IDOMA VOICE, Musa Bello, a bureau de change operator in the illicit market, confirmed this dire situation, revealing buying and selling rates at 995 Naira and 1003 Naira per dollar, respectively.

The shockwaves from this significant devaluation are reverberating throughout the financial sector, raising serious concerns about the stability of Nigeria’s currency. Experts are meticulously analyzing the situation, linking this drastic plunge to a convergence of factors, including inflationary pressures, dwindling foreign reserves, and economic uncertainties.

The Central Bank of Nigeria has remained silent on the matter, leaving the public anxious about the official response to this escalating crisis. As the Naira’s freefall threatens the purchasing power of the populace and casts doubts on the nation’s economic trajectory, both businesses and individuals find themselves grappling with the repercussions.

Traders and investors are being urged to exercise prudence and stay updated on developments as the situation unfolds. We are committed to providing timely updates on this swiftly evolving financial crisis as more information surfaces.