28/07/2022
Naira on Free Fall, Crashes to 720 to a Dollar at Black Market
Nigeria’s currency, the Naira, has continued to nose-dive at the foreign exchange market as it now trades 720 to a US Dollar at the parallel market on Thursday, despite starting the day at N675/$1.
This is according to information from Bureau De Change operators in Lagos State.
Similarly, at the crypto-currency Exchange market, the Naira has fallen to N702.8/$1, a 5.4% depreciation compared to N667/$1 recorded in the previous trading session.
Naira has been under immense pressure in the past two weeks, falling from an average of N618 to a dollar recorded two weeks ago.
Bureau De Change operators have cited a lack of FX and a surge in demand for the recent uncontrolled uptrend recorded in the market.
Experts have also largely attributed the free fall of the Naira to excessive borrowing particularly by the federal government in the last six years.
The Minister of Finance, Hajiya Zainab Ahmed, had last week confirmed that 100% of the country’s revenue was used for debt servicing.
