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BREAKING: Exchange Rate Crashes To N983 Per $1

The current rate is significantly lower than the N950/$1 observed just last week, indicating that the Central Bank of Nigeria

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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.

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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.

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