Nigeria’s economic woes continue to pile up as the naira spirals towards a deeper decline against the US dollar. FMDQ data painted a grim picture, with the local currency falling to its lowest in weeks, despite concerted efforts by the Central Bank of Nigeria (CBN) to bolster the market with increased foreign exchange.
Dollar-to-naira exchange rates recorded a steep fall at the official window and black market, plunging to N1586.71 and N1,585 respectively, marking a significant loss of N37.95.
