Naira crashes further, hits N1030 per dollar in parallel market

In the ongoing foreign exchange crisis in the country, the value of the dollar soared to over N1030 at the parallel market on Wednesday. A survey conducted at popular black markets in Lagos revealed that the dollar exchanged for rates ranging between N1005 and N1,010 in the early hours of Thursday, eventually stabilizing at N1030 by evening.

The gap between the official and parallel market rates has been steadily expanding since the Central Bank of Nigeria (CBN) announced the unification of all segments of the foreign exchange markets in June. Despite these efforts, the parallel market has witnessed increased patronage due to the persistent scarcity of the greenback at the official market, as reported by operators.

The escalating foreign exchange crisis continues to pose significant challenges to businesses and individuals reliant on foreign transactions, urging policymakers and financial authorities to explore effective solutions to mitigate the crisis and stabilize the exchange rates.