Exchange rate plunges further to N930/$1 as dollar scarcity worsens 

The naira plummeted to another record low of N930/$1 at the parallel market yesterday  as the demand for dollar by importers and other end-users far outstrips supply.

This is further compounded by apparent non-intervention by the Central Bank of Nigeria (CBN) and the lack of a price control mechanism.

According to the Operators, the quoted rates as high as N930/$1 as against the N910/$1 that was quoted on Wednesday as they continue to lament the scarcity of dollars amid higher demand.

They said they buy at N920/$1 and then sell at N930/$1, leaving a profit margin of at least N10.

The naira has now weakened by 18.7 per cent since the beginning of August at the parallel market. The exchange rate weakened by 11.5 per cent in the whole of July 2023.