Nigeria in Economic Turmoil as Naira Crumbles and Inflation Soars

• Naira hits record lows, and stock market suffers significant losses as Nigeria battles severe dollar shortages and escalating inflation.
• Efforts by the government and central bank to stabilise the economy face.

The Nigerian naira plummeted to all-time lows on both the official and parallel markets this Monday, touching 1,712 naira per dollar, marking a worsening of Africa’s largest economy’s ongoing financial crisis. This fall was mirrored by the stock market, which saw its most significant single- day decline in over a yea.