One Naira now placed at Five Hundred and Thirty (N530) as against One Dollar, Six Hundred and Twenty (N620) against the Euro and Seven Hundred and Twenty-Two (N722) to the Pound in the parallel market.
The Naira losing its value more to the Dollar/Euro/Pound is no longer surprising as all attempts by the Central Bank of Nigeria, CBN, and other relevant stakeholders in the financial sector, to equalize the Nigerian currency have proven abortive.
According to top economic analysts, the implication is more suffering for Nigerians in the low-income earning brackets, as the Naira hits a new low on Friday in the Lagos parallel market.
Initially, the Naira was still Five Hundred and Twenty-Six (N526/$) on Tuesday until it suddenly skyrocketed. The same thing goes for the British Pound exchanged as at Tuesday, it also shot up from the earlier Seven Hundred and Fifteen (N715/£) to what it is now.
The Naira was not spared against the Euro, as it also increased from Six-Hundred and Twelve (N612/€) on the same Tuesday evening, and this is negatively affecting the economy of the nation.
For an import-dependent economy like Nigeria, the weakening of the local currency raises the cost of living for citizens, with attendant impact on inflation, especially food prices.
This increase places Nigeria’s majority poor in more significant distress as they struggle to afford essential household items due to high prices.