Nigerians have taken to social media to express their reactions to the significant devaluation of the Naira on Tuesday, as it reached an exchange rate of N1,000 to the US dollar in the parallel market.

In the Lagos Parallel Market (Black Market), reports indicate that traders were purchasing a dollar for N990 and selling it at N994 on Tuesday, September 26, 2023, as per Bureau De Change (BDC) sources.

However, Abokifx, a website that compiles daily exchange rates from parallel market sources, reported that the dollar was trading at N1,000 on Tuesday morning.

Despite the Central Bank's rate remaining stable at N768 per dollar over the past week, the Naira's value has sharply declined in the parallel market, where most foreign exchange transactions occur in Nigeria.

This recent development has left many Nigerians disheartened as the Naira experiences significant depreciation against the US dollar.