At an average of 880 naira per USD the black market rate of the American dollar has surpassed the 200% mark when compared to the official rate of 439.
The loss of value of the naira is a direct consequence of the replacement of current banknotes for new ones, and the short time window and restrictive rules for their redemption, which is forcing many holders of untaxed currency to exchange it in the black market for hard currencies.
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