Disquiet as naira plummets to 1,639/$ at official market
The freefall of Naira, Nigeria’s currency has worsened yesterday as it exchanged for N1, 639.41 to a dollar at the official rate.
The figure yesterday indicated a whooping loss of N34 after the dollar exchanged for N1,606 the previous day, according to the Nigerian Autonomous Foreign Exchange Market (NAFEM) rate.
Also the black market rate also dipped yesterday as the naira lost N5 against the dollar, exchanging at N1,645/$1, as against N1,640 the previous day.
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The situation according financial experts will worsen Nigeria’s economic woes as inflationary trends are expected to peak.
Nigeria, a global player in the international oil market completely depended on import of refined products as all its four refineries have gone comatose.
With the constant devaluation of naira, the country, an import hub of goods and services is spending its infinitesimal forex in buying goods and services which the citizens must buy at extortionate cost.
Recently, NNPCL, has increased the pump price of premium motor spirit (PMS) otherwise known as petrol which further exercerbate the economic crisis.
