Categories: Nigeria News

Naira falls at black market, now N1,003 per dollar

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.

Attah Aaron

Attah Aaron has spent over six years with Idoma Voice. He writes on religion and health.

Recent Posts

Ogbadibo LG chairman appoints Eloyi Ogbe, others as supervisory councillors

The Chairman of Ogbadibo Local Government Council, Hon. Sunday Ameh Ajunwa, has approved the appointment…

6 hours ago

Thomas Oleghe: Nigeria’s oldest Catholic priest dies at 104

Nigeria's oldest Catholic priest, Thomas Oleghe, has passed away at the age of 104. According…

7 hours ago

BREAKING: Dangote Refinery reduces fuel price to N970/litre

The Dangote Petroleum Refinery has announced a reduction in the price of Premium Motor Spirit…

8 hours ago

Bishop Abioye explains why he launched new ministry after retirement from Living Faith

Bishop David Abioye, immediate past first vice president of the Living Faith Church Worldwide, also…

14 hours ago

Why I reconciled with my brother, Aremu at our mother’s burial – Kunle Afolayan

Renowned Nigerian actor and filmmaker Kunle Afolayan has shared the heartfelt reason behind his reconciliation…

16 hours ago

Celestial Church of Christ faces setback as thieves steal cows for Adult Harvest

Suspected thieves have stolen two cows worth ₦1.9 million from the Celestial Church of Christ…

16 hours ago