The black market, particularly for foreign exchange, is currently making headlines due to Nigeria's volatile currency situation.
Reports from BusinessDay indicate that the Naira remains unstable, with the Central Bank of Nigeria (CBN) struggling to stabilize dollar inflows.
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Meanwhile, Nairametrics reveals that the official exchange rate has weakened further, hitting ₦1,605 per dollar, pushing more Nigerians toward the parallel market for better rates.
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Surprisingly, Daily Post reports that the Naira has shown slight appreciation at both official and black markets, but the gap between the two remains wide. This inconsistency has fueled debates about currency speculation, hoarding, and the effectiveness of CBN policies.
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With forex scarcity persisting, businesses and individuals increasingly rely on the black market, keeping it in the spotlight. The trend reflects deeper economic challenges, including inflation, dwindling reserves, and low investor confidence—issues that continue to shape Nigeria’s financial landscape.
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