The Fall of Nigeria's Currency: Naira

The Nigerian Naira has experienced a significant decline in value against the US dollar. This decline is primarily due to the existence of two exchange rates in Nigeria: the official rate and the street value determined by the black market. President Bala Mehtinubu's decision to allow the Naira to float freely in the market backfired, leading to a massive drop in its value. The scarcity of dollars in the country and the high demand for them have also contributed to the Naira's decline. This devaluation of the currency has had a detrimental impact on import prices, making imported goods more expensive for Nigerians, and significantly reducing the purchasing power of the Naira for individuals at all socioeconomic levels.