By John Ikani
The Nigerian currency, the Naira recorded slumped to an all time lowest trade as it closed at N530 to USD$1 on Thursday, September 2, 2021.
The local unit fast depreciating value has been compounded by dollar scarcity and a recent Central Bank of Nigeria (CBN) policy that bars Bureau De Change operators from accessing forex.
Other major contributors to the Naira woes include slump in the price of crude oil in the global market, COVID-19 induced lockdowns and restrictions as well Nigeria’s largely import-dependent economy.
A couple of policies targeting the tech and social media sectors have also impacted investor confidence in the Nigerian market.
On Wednesday, the Naira closed at N528.00 to $1, representing a N2.00 or 0.40 per cent devaluation from N526.00 it traded in the previous session on Tuesday.
