Posted 11/16/2023, 1:06:09 PM
Nigeria's Naira Plunges to Record Low at Official Exchange Rate Amid Chronic Dollar Shortages
- Nigeria's naira hits new all-time low of N1,105 per dollar at official market
- Exact cause of naira's decline in official market unclear, adding uncertainty
- Naira has reached record lows on parallel market due to excess demand
- Nigeria has faced chronic dollar shortages since foreign investors exited
- CBN implementing measures like crackdown on illegal trading to narrow gap with unofficial rate