The Nigerian Naira has fallen to a record low of N465.13 against the US Dollar due to rising demand for the greenback.
This is the lowest rate since the currency was introduced in 1973 and is a cause for concern for many Nigerians.
The devaluation of the Naira has been attributed to several factors, including increased demand for dollars from importers, foreign investors exiting Nigeria’s stock market, and a lack of foreign exchange reserves.
This has caused a significant drop in the value of the Naira compared to other currencies, making it difficult for Nigerians to purchase imported goods and services.
This has also caused a significant drop in investor confidence in Nigeria’s economy and could have serious implications on its future growth prospects.