Naira down to N1,605 in the parallel market today
The Nigerian currency, Naira, has taken a hit in the parallel market, plummeting to a new low of N1,605 against the US dollar. This significant decline has sparked concerns among traders, investors, and citizens alike.
According to sources in the parallel market, the Naira’s value has been steadily decreasing over the past week, with today’s rate marking a record low. This downward trend has been attributed to a combination of factors, including high demand for foreign exchange and a shortage of dollars.
The Central Bank of Nigeria (CBN) has been working to stabilize the currency market, but its efforts seem to be yielding little result. The widening gap between the official and parallel market exchange rates has led to increased speculation and hoarding of dollars.
“The current state of the Naira is a reflection of our economic reality. We must take bold steps to stimulate growth, attract foreign investment, and reduce our dependence on imports.” as given by Mr. Tony Elumelu, Chairman, UBA Group.
The impact of the Naira’s decline is being felt across various sectors, with importers and businesses struggling to access foreign exchange at affordable rates. This has resulted in higher prices for goods and services, further exacerbating the country’s inflationary pressures.
“As the Naira continues to slide, there are growing calls for the government and monetary authorities to take decisive action to address the underlying issues driving the currency’s decline.”
Until then, Nigerians will have to grapple with the challenges of a weakening currency and its far-reaching consequences.
