Naira Breaks Record, Suffers Worst Depreciation Against US Dollar at Official Market, CBN Advises Nigerians
Nigeria’s currency, the Naira, has continued to fall in value against the US dollar, and it is now officially at its lowest level at the official market. According to FMDQsecurities, where Naira is officially traded, investors and exporters paid N441.17 to a dollar on Tuesday, 11 October 2022.
This is the first time in history that Nigerians will be paying above N440 to buy a dollar at the official rate.
It was the same scenario at the black market as traders also dropped the value of Nigerian currency to N716.82 to a dollar according to Naira Rates.
For Nigerians travelling to the United Kingdom, at least N873.293 is needed to buy one pound. The Euro also went for as high as N740.6