Naira plummets to N1,025 per Dollar as forex scarcity intensifies

By Sodiq Adelakun

The Naira has plummeted to N1,025 per dollar in the parallel foreign exchange market due to a worsening scarcity of forex.

Ahmed Gazali, a Bureau De Change operator, confirmed the situation and warned that it may worsen if the government fails to take action.

The scarcity of foreign currency is becoming increasingly difficult to explain, and it is causing significant concern in the market.

In the official window, the Naira also experienced a slight decline, closing at N765.83/$ on Tuesday. This decline follows the Central Bank of Nigeria’s directive to commercial banks to freely trade the Naira in the forex market, which has resulted in the currency’s freefall.

On Tuesday, the House of Representatives ordered CBN Governor Olayemi Cardoso to devise a monetary policy to nip the forex crisis.