The foreign exchange crisis worsened on Thursday as the local currency further depreciated, exchanging at N1,600 to a dollar at the parallel market, findings by Daily Trust have shown.

This was coming a few days after the local currency hit an all-time low at the official market, crossing N1,500 to one dollar.

The naira has come under a very severe attack in recent times, defying several interventions by the Central Bank of Nigeria (CBN) thereby worsening the cost of living crisis and inflation in the country.

Our correspondent reports that the naira has depreciated by over 50 per cent in the last five months.

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Recall that the dollar first hit N1,000 in the parallel market in September 2023. It oscillated within that rate until the New Year when it started experiencing a free fall.




The depreciation of Nigeria’s currency is despite the federal government receiving a $2.25bn foreign exchange support from the AfreximBank as well as the offset of part of the unsettled forex obligations.

The CBN had also initiated a series of measures in recent times in a bid to stop the free fall of naira.

But the currency appears to be defying the various interventions as it depreciated further on Thursday at the parallel market amidst the decline in forex turnover.

https://dailytrust.com/dollar-hits-n1600-at-parallel-market/

Nigerians welcome to tinubulation. When this man is done with us, to travel to Ghana will be most people prayer points.

Something is not just right here, and the president is acting indifferent

By the time tinubu finished his 20 years tenure, a dollar will be 104500 naira.
Nigerians will learn in a hard way

It's still cheap better stock up now on USD we are heading to 5k per USD by year end

Nawa oo.