Naira Hits New Record Low Against US Dollar, Pound Nears N2,000 Mark

“Naira Plummets to Record Low Against US Dollar in Official Foreign Exchange Market
The Nigerian currency has hit an unprecedented low against the US dollar, surpassing the N1,500 mark per dollar in the official market. This sharp decline marks the steepest fall in history, alarming both traders and observers.
A trader interviewed by Legit.ng shed light on the naira’s performance in unofficial exchange markets, providing insights into the currency’s ongoing challenges against the US dollar.”
“On Monday, February 12, 2024, the Naira experienced a significant downturn, reaching its lowest point against the US dollar in the official foreign exchange market. The currency closed at a higher rate compared to the unofficial parallel market, highlighting the severity of the decline.”