Nigeria Nigeria's Currency Crisis: US Dollar Hits N1,355, Raising Concerns for Businesses and Citizens

Amidst economic uncertainties, the Nigerian currency faces a significant setback with the US dollar soaring to N1,355 at the black market.

Despite recent efforts to stabilize the exchange rate, including a $2.25 billion support from
AfreximBank, the naira's value continues to decline.

In Lagos and Abuja, the dollar now exchanges for N1,355, leaving Bureau de Change operators expressing concern.

Challenges in sourcing dollars are reported, affecting traders and importers who have stopped trading due to difficulty accessing foreign currency.

Economists warn of potential consequences, including industry closures, rising unemployment, and persistent inflation.

Economists, including Prof. Garba Sheka from Bayero University, Kano, warn of dire consequences for Nigeria's economy. The potential shutdown of many industries, rising unemployment, and persistent inflation are anticipated outcomes if the current trajectory continues. Prof. Sheka underscores the critical importance of addressing the demand for dollars and suggests potential relief with the operationalization of Dangote refineries.

As Nigeria grapples with these economic challenges, the impact on businesses, industries, and citizens becomes a growing concern. Stay informed as we unravel the complexities of this currency crisis and its broader implications for the nation.