Naira helplessly falls, now N550 to a dollar
The Nigerian naira has further dipped in the parallel market as it now sells for a whopping N550 against the dollar, according to Aboki FX, a popular forex trading platform.
The naira, which sold at N548/$1 Monday morning, now sells at N550/$1 in the evening of the same day.
The local currency has continued to depreciate, despite efforts by the governor of the Central Bank of Nigeria, Godwin Emefiele, to salvage what’s left of its value.
On July 27, Mr Emefiele halted sales of forex to Bureau De Change (BDCs) operators across the country.
This has caused a heavy scarcity of the dollar which is one of the highly demanded foreign currencies.
Nigeria, which consumes more products than it manufactures, has continued to suffer heavy inflation over the unending rise of the dollar.
The depreciation in the value of the naira translates to a heavy hike in the prices of imported products such as milk, sugar, rice, electronics, cars, and many other consumables.
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
Africa
Alleged rapist Achile Ndumbe flees to Cameroon; UK police launch international manhunt
Ndumbe Achile Ndumbe, a rape suspect, released on bail, has fled the UK to Cameroon after he was released on bail and allowed to keep his passport.
NationWide
TAJBank bags 2026 global digital banking championship award
TAJBank Limited has bagged the 2026 Global Islamic Finance Awards Championship Award (Digital Banking) in the UK.
Economy
S&P assigns ‘B’ ratings to BOI subsidiary, LECON Finance
S&P Global Ratings has assigned ‘B’ long-term and ‘B’ short-term issuer credit ratings, with a stable outlook, to LECON Finance Company, a subsidiary of the Bank of Industry.
Politics
Gov Oborevwori congratulates Nigeria’s first lady on 66th birthday
Mr Oborevwori also described her as an “Amazon” whose public engagements and humanitarian interventions have continued to complement the federal government’s efforts.
World
Italy to ban hijabs, burqas from schools amid immigration crackdown
Several European countries, including France and Belgium, already banned face coverings in public places. Italy’s plans came after several related initiatives in recent months.
Rights
Gov Bago relaxes curfew amid tension over NSCDC’s alleged killing of miners
The governor appealed to residents to remain law-abiding and responsible citizens as the government continues to work to improve their well-being.
