The Nigerian currency, Naira continues to weaken, hitting a new low on Monday as it exchanges at N1,210 to US$1.00 in the parallel market.
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Abokifx published that the Naira was exchanging at N1,200 for buy and N1,210 for sell to US$1 in the parallel market. On the other hand,, GBP1.00 exchanges at N1,430/N1,450 (Buy/Sell) while EUR1 exchanges at N1,230/N1,245 (Buy/Sell).
The depreciation of Naira has persisted since President Tinubu took office, and announce the unification of exchange rates.
On September 26, the naira witnessed an unprecedented historical low, dipping to N1000 against the U.S. dollar.
The Central Bank (CBN) on 12 October lifted forex ban on 43 items, possibly adding to the demand for US dollars, and thus exacerbating the problem, and further weakening the currency.
On NAFEM (Nigerian Autonomous Foreign Exchange Market), the closing rate on Monday 23 October was N793.34 per US$1.00.
The continued decline of the Naira has affects businesses and citizens alike, with everyone grappling with rising prices and economic uncertainty.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur
