It is important to note that on September 6th, when it was trading at N434/$, the official exchange rate fell to its lowest level. However, this rate is still somewhat far from the parallel market.
The aviation sector in Nigeria has also seen the repercussions of dollar rationing; with $464 million in income to international airlines in Nigeria delayed from repatriation as of July 2022.
The black market exchange rate declined dramatically by 48.87% within the year to trade at N705/$. While the official exchange rate of the Naira at the CBN has stayed relatively stable at about N434/$.
Consequently, Nigeria’s currency ranks 11th worst-performing currency against the US dollar.