The Nigerian currency, Naira, has suffered a significant decline, trading at N1,645 to the US Dollar at the black market, according to sources at the Bureau De Change (BDC). This development comes amidst a lingering forex scarcity, which has plagued the economy.
The exchange rate at the black market has been on a downward spiral, with the Naira losing value rapidly. The Central Bank of Nigeria (CBN) has directed individuals to approach their respective banks for forex transactions, but the black market continues to thrive.
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