The government printed a lot of Nairas starting 2020 (COVID) when oil revenues dried up.
The Naira's value plunged against the dollar. The Central Bank still insists the Naira is worth around 453/$1 while the free market insists it's much worse.
So, the Central Bank continues to advertise N453/$1 but you can't swap your Nairas to dollars - only at black (i.e., free) market dealers who will give you the true market rate.
The Naira's value plunged against the dollar. The Central Bank still insists the Naira is worth around 453/$1 while the free market insists it's much worse.
So, the Central Bank continues to advertise N453/$1 but you can't swap your Nairas to dollars - only at black (i.e., free) market dealers who will give you the true market rate.