By John Ikani
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 local unit which opened at N545.00 at the parallel market segment, hit N549.00 at noon, before closing at N550.00 on Monday.
It has continued to depreciate on six consecutive sessions on a stretch, despite efforts by the Governor of the Central Bank of Nigeria (CBN) 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.
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.
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.
