Naira Crashes To N500/$ in Black Market

The Naira fell to an all-time low of N500 against the US$ on the black market as the nation’s dollar scarcity worsens, according to abokiFX.com, which collates prices from traders in Lagos each day. The currency’s unofficial rate is now 38% weaker than the central bank’s level of N309/$ despite several attempts by CBN Governor Godwin Emefiele and the government to stem the rout after a devaluation in June.

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