A man counts Nigerian naira notes in a market place as people struggle with the economic hardship and cashflow problems ahead of Nigeria's Presidential elections, in Yola, Nigeria.A man counts Nigerian naira notes in a market place as people struggle with the economic hardship and cashflow problems ahead of Nigeria's Presidential elections, in Yola, Nigeria.
Last month’s devaluation helped narrow the gap between the naira’s exchange rates on the official window and the black market but pressure is gradually building up especially from individuals paying for expenses abroad. The currency closed at 742 naira against the dollar on the official market on Thursday, Refinitiv data showed.
Nigeria has embarked on its boldest reform agenda in decades, including the removal of a popular but costly petrol subsidy and the loosening of restrictions on foreign exchange trading, a gamble President Bola Tinubu hopes will boost sluggish economic growth.