Would you say that Nigeria’s several attempts to stabilise the naira is achieving any positive result as exchange rate hits ₦1175 on the street.
The exchange rate of the naira in the black market declined further today, leaving industries in the country in a state of despair, as their battle for survival continues.
The curreency which traded in the black market on Thursday at ₦1100, has experienced serious surge and is now trading at ₦1175, on the streets.
Against expectations, that with the lifting of restrictions on 43 items by the Central Bank of Nigeria (CBN) the dollar would be tamed.
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The direct opposite has been witnessed thus far, with the dollar going on a steady rise while the naira is experiencing a free fall.
With this, industries in the country would continue to battle for survival owing to the continued slide of the currency against the dollar.
And the fact there is no end in sight to this scarce dollar challenge facing the economy and all other businesses in the country.
Black market operators have cited low inflows and lack of access to the US currency as reasons for the rise.
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However, at the former Investors and Exporters window (I&E), now Nigerian Foreign Exchange Market (NAFEM), the currency strengthened to ₦782.68 per dollar.
The currency hit at all time low of ₦1175 on Friday, the situation is now choking more than ever before.
