Naira Hits Rock Bottom as Dollar Soars

In a surprising turn of events, the Nigerian Naira has continued its downward spiral against major currencies, hitting new lows in both the official and black markets.

As of May 10, 2024, the dollar traded at an all-time high in the black market, reaching ₦1,437.19 per USD, while the official bank rate stood at ₦1,419.53 per USD. This depreciation comes amidst reports of increased demand and improved external reserves, leaving many Nigerians scratching their heads and wondering, “What’s the deal with the Naira?” 

As the currency continues to take a nosedive, it seems like the only thing rising faster than the dollar is the collective blood pressure of Nigerian citizens. Will the Naira ever find its footing, or will it continue to dance the cha-cha-cha with the dollar? Only time will tell, but for now, it’s safe to say that the Naira is having a bit of a “currency crisis” party, and everyone’s invited