The Nigerian currency naira had one of its biggest falls against dollars yesterday being 27 July 2022. A dollar was 710 naira in the black market. many Nigerians prefer patronizing the black market because the exchange rate in the black market is very high compared to what the bank will offer you.
The central bank of Nigeria approved the current rate yesterday was 421.41/ dollar.
The CBN governor as of yesterday has been summoned by the senate to appear before the plenary over the free fall of the naira recently.
currently, only a privileged few can access forex for their businesses, and travelers are equally affected.
However, some experts have said that the crashing of the naira has been caused by excess printing of new notes dated 2015 by CBN. Another factor experts said is a contributing tool to the naira fall is the method used in providing fuel for its citizens. Nigeria for over a decade has been importing fuel. All the refineries are not working and the current administration who promised to fix it when elected has been adamant about it and their tenure is about to end.