BREAKING: Exchange Rate Crashes To N983 Per $1

The exchange rate between the Nigerian naira and the US dollar has reached a record low of N983/$1 in the black market, according to quotes received by Nairametrics on Wednesday.

VerseNews reports that this represents a 2.93% decrease compared to the previous day when it traded at N955/$1, highlighting the ongoing foreign exchange crisis in the country.

The current rate is significantly lower than the N950/$1 observed just last week, indicating that the Central Bank of Nigeria (CBN) is facing challenges in stabilizing the foreign exchange market despite various policy announcements.

Earlier in August, the dollar had been as low as N955/$1, raising concerns among investors that it might reach N1000/$1.

However, it briefly appreciated to N840/$1 after the CBN warned speculators of potential major losses due to upcoming policy changes.