Nigeria’s national currency, Naira has crashed at the official market on Thursday by1.68 per cent against the dollar making lives more difficult for Nigerians.
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At the Investor & Exporter foreign exchange window, the local currency opened at 413.15/$1 on Thursday but closed at 422.07/$1.
The Naira had depreciated by 0.19 per cent to 415.10/$1 on Wednesday after closing at 414.30/$1 on Tuesday.
At the parallel market, the Dollar was bought at N565 and sold for N570, according to some operators in the black market.
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The Central Bank of Nigeria, however, maintained N410.91/$1 as its official rate on its website.
In July, the CBN stopped forex sales to the Bureau de Change operators and assured that it would supply forex to legitimate users through the banks.
The resultants of the depreciation of Naira is pains Nigerians are experiencing hourly as prices of food and commodities have skyrocketed beyond the reach of ordinary man.
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Nigerians have resorted to using the firewoods because the price of cooking gas is beyond the reach of the poor. The price of 12.5kg of gas was about N3,000 few months ago but now sell for over N8,000. A bag of beans goes for N100,000 from less than N30,000 few months ago.
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