“Naira Plummets to Record Black Market Low of 1,100 Against the Dollar

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The Nigerian naira has reached an unprecedented black market low of 1,100 against the dollar, as indicated by abokiFX, an online platform.

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This comes shortly after the currency hit a new low on the official market, largely due to persistent dollar shortages.

The lifting of currency restrictions on the official market exacerbated the already existing decline on the unofficial market.

The official market saw the naira drop to a record 980 naira to the dollar on Tuesday.

In response to the situation, the central bank has announced plans for occasional interventions in the foreign exchange market to bolster liquidity, following the recent lifting of an eight-year ban on certain items that were restricted from accessing dollars on the official market.

The ongoing excess dollar demand has contributed to the continued weakening of the currency, with the informal market being the primary recipient of this demand from the official market.

Godwin Okafor
Godwin Okaforhttps://naija247news.com
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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