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The value of the Nigerian naira has been declining due to a shortage of dollars in the banks and at the parallel market.
In just three weeks, the naira has lost N100, dropping from 860 per dollar to 960 per dollar at the parallel market.
Prior to the free float of the naira by the Central Bank of Nigeria in June 2023, the naira was trading at 47 per dollar at the Investor and Exporter window.
However, it has since tumbled to 925 per dollar in Lagos and crossed the N900 per dollar ceiling at the parallel market.
The shortage of dollars has affected banks, with many reporting insufficient US paper dollars to meet customer demand.
This article was updated 10 months ago
