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Naira Continues Its Downward Spiral
Abuja, Nigeria – The Nigerian Naira has continued its downward trajectory against the US Dollar, hitting a new low today. The currency depreciated from ₦1650 per dollar on Tuesday to ₦1665 per dollar on Wednesday at the parallel market.
Dollar to Naira Black Market Exchange Rate – September 11, 2024 Latest Update
At the official Investors and Exporters (I&E) window, the Naira also weakened, trading at ₦1670 per dollar compared to ₦1650 per dollar the previous day. This represents a decline of ₦50 or approximately 3.03%.
The ongoing depreciation of the Naira is a major concern for Nigerians, as it has far-reaching implications for the economy. Rising inflation, higher import costs, and increased poverty are just some of the potential consequences of a weak
Naira.
