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
The hoodlums wielded clubs, charms, stones, and axes with which they attacked the journalists, injuring four of them.
The women are asking that all APC male aspirants from Kogi West senatorial district withdraw for Mrs Adedoyin Eshanumi.
“When I was the governor of Akwa Ibom, I built so many mosques and schools for Muslims in the state.”
The varsity said it noted the pains being experienced by students and parents as a result of the protracted strike by ASUU.
An exchange rate of N444.00 to the dollar was the highest rate recorded within the day’s trading before it settled at N420.23.
Payments of gratuity and death benefits will be made to retirees and families of deceased civil servants.