Economy and Business

Foreign exchange crisis deepens in Nigeria as Dollar hits over N1,500 at official market

The foreign exchange crisis in Nigeria shows no signs of abating as the dollar surpassed N1,500 at the official market, reaching 1,534.39, according to data from the FMDQ.

This marks the first time the dollar has exceeded the N1,500 threshold, adding further pressure on businesses and importers.

Despite various measures and interventions implemented by the Central Bank of Nigeria (CBN) to stabilize the foreign exchange market, the local currency has continued to depreciate against the dollar.

The persistently declining value of the naira has far-reaching consequences, contributing to inflationary pressures and surging food prices, impacting various sectors of the economy.

While the official market has seen the dollar climb to new highs, the unofficial parallel market has maintained a relatively stable exchange rate, fluctuating between N1,450 and N1,500.

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