Nigeria
The Nigerian naira faced a significant devaluation, reaching a new low of 1,100 naira per US dollar on the black market, as reported by online platform abokiFX on Wednesday.
This depreciation comes just a day after the official market also recorded a new low due to ongoing dollar shortages, with the naira dropping to 980 naira per dollar.
The freefall of the naira in the unofficial market has been exacerbated by the removal of currency restrictions on the official market. These restrictions had previously propped up the naira's value.
The central bank has announced plans to intermittently intervene in the foreign exchange market to bolster liquidity, following the lifting of an eight-year ban on certain items accessing dollars on the official market.
Last month, the naira had already surpassed the 1,000 naira per dollar mark on the black market. This continued devaluation is largely driven by the overflow of excess dollar demand from the official market into the informal market.
Go to video
Paris Olympics: With the opening ceremony minutes away, get to know the African flag bearers
01:00
95 Libyan nationals arrested in South Africa
Go to video
South Africa appoints first woman Chief Justice
Go to video
Moroccan ex-minister who defended government critics sentenced to five years
01:43
Anti-Corruption protests erupt in Uganda's capital, inspired by Kenya
Go to video
Algerian opposition criticizes 'Authoritarian Climate' pre-election