The Nigerian naira has further dipped in the parallel market as it now sells for a whopping N550 against the dollar.
Naira fell significantly against the U.S. dollar at both the unofficial and official markets on Monday, taking what has become the trend in the last week to a new low.
According to abokiFX.com, a website that collates black market rates in Lagos, the local unit closed at N550.00 per $1 at the black market window on Monday. This implies a N5.00 or 0.92 per cent devaluation from the N545.00 it exchanged on Friday last week.
Naira, which opened at N545.00 at the parallel market segment, hit N549.00 at noon, before closing at N550.00 on Monday.
The currency has maintained a steady decline on the black market segment for six consecutive sessions on a stretch.
The local currency has continued to depreciate, despite efforts by the governor of the Central Bank of Nigeria, Godwin Emefiele, to salvage what’s left of its value.
On July 27, Mr Emefiele halted sales of forex to Bureau De Change (BDCs) operators across the country.
This has caused a heavy scarcity of the dollar which is one of the highly demanded foreign currencies.
Nigeria, which consumes more products than it manufactures, has continued to suffer heavy inflation over the unending rise of the dollar.
The depreciation in the value of the naira translates to a heavy hike in the prices of imported products such as milk, sugar, rice, electronics, cars, and many other consumables.