The value of the naira has fallen again to 803 per US dollar After one US Dollar was swapped for 803 Naira over the weekend, the Nigerian ...

 

The value of the naira has fallen again to 803 per US dollar

After one US Dollar was swapped for 803 Naira over the weekend, the Nigerian Naira plummeted again.

The decision comes as consumer goods prices rise.

On the weekend, the dollar's official price was 803.9 Naira, while the market price was 822 Naira. here.

On Monday, the NBS reported that consumer price inflation peaked at 22.79 percent in June, up 0.38 percent from May.

The NBS reports that food products are leading the price increase, and from 2022 to now, the price of all products has increased by 4.19 percent after reaching 18.60 percent last year.

Despite the CBN's efforts to develop a single price to manage the exchange market, the dollar's price continues to grow in government and backroom markets week after week.

This has caused poor people struggle, notably with consumer goods prices.