Dollars hits N1,600 at parallel market

February 17, 2024 James Moses Latest News 0

By James Moses (9News Nigeria)

The foreign exchange crisis worsened on Friday as the local currency further depreciated exchanging at N1600 to a dollar at a parallel market.

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 become under 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.

9News Nigeria correspondent reports that the naira had depreciated significantly by over 50% in the last five months, thereby worsening the living standard of Nigerians.

It would be recalled that the dollar first hit N1, 000 in the parallel market on September 2023.

It is oscillated within that rate until the new year when it started experiencing a free fall on the market value.

The depreciation of the Nigeria’s currency has been worrisome despite the efforts of the CBN Initiating a series of measures in recent in bid to stop the free fall of the naira.

But, the currency appears to be defying the various interventions as it depreciated further on Friday at the parallel market admist the decline in forex turnover which had affected the naira.

-9News Nigeria.

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