No Solution At Sight As Naira Continues To Nose Dive
The Nigerian Naira has continued its depreciation trend against the Dollar in the foreign exchange market.
A Bureau De Change Operator in Ogbe Hausa in Abakaliki, Ebonyi State, said the Naira exchanged at N1,200/$1 at the parallel market on Monday morning.
“It’s a difficult situation to predict. Right now, I buy Dollars at N1,200 and sell at N1,250/$1. I have enough foreign currency at the moment”, he stated.
Meanwhile, as of Friday, the Naira closed at $/₦808.27 at the other markets.
The development comes weeks after the Central Bank of Nigeria lifted forex restrictions on rice, cement, and 41 other items.
The apex bank had claimed that the move would halt the pressure on Naira at the forex; however, that impact is yet to be felt as the nation’s currency slumps against the Dollar.
Top trends Nigeria recalls that since the floating of Naira on June 14, the Naira had continued to depreciate against the Dollar at the forex market