Dollar hits N1,600 at parallel market

Dollar hits N1,600 at parallel market

The foreign exchange crisis worsened on Thursday as the local currency further depreciated, exchanging at N1,600 to a dollar at the parallel market, findings by Daily Trust have shown.

This was coming a few days after the local currency hit an all-time low at the official market, crossing N1,500 to one dollar.

The naira has come under a very severe attack in recent times, defying several interventions by the Central Bank of Nigeria (CBN) thereby worsening the cost of living crisis and inflation in the country.

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Our correspondent reports that the naira has depreciated by over 50 per cent in the last five months.

Recall that the dollar first hit N1,000 in the parallel market in September 2023. It oscillated within that rate until the New Year when it started experiencing a free fall.