The foreign exchange crisis in Nigeria shows no signs of abating as the dollar surpassed the N1,500 mark at the official market, exacerbating pressures on businesses and importers. According to data from FMDQ, the dollar closed at 1,534.39 at the official market on Monday, marking the first time it has exceeded N1,500 amidst the ongoing crisis.
Despite numerous measures and interventions implemented by the Central Bank of Nigeria (CBN) to stabilize the market, the local currency continues to depreciate against the dollar. The persistence of the crisis is evident in the alarming inflation rates and increased food prices experienced by Nigerians across various sectors.
The impact of the escalating exchange rate is far-reaching, affecting businesses’ ability to import goods and conduct transactions. Despite the official rate surpassing N1,500, the dollar has shown some stability at the unofficial parallel market, trading between N1,450 and N1,500.
The CBN’s interventions have yet to yield the desired results, highlighting the complexities of the current economic landscape. As the foreign exchange crisis persists, stakeholders are closely monitoring developments and exploring strategies to mitigate its adverse effects on the economy and the livelihoods of Nigerians.
