As Nigeria’s inflationary trend remains upbeat, lending rate prohibitive, and production tanks, the woes of the Naira persisted, exchanging, N1,665/$1 at the parallel market.
The new rate represents a slight five naira fall from N1,660 that it traded at the weekend.
This new trend marks another round of depreciation in the unofficial market, reflecting ongoing pressures on the Nigerian currency.
In contrast, the official foreign exchange market saw a minor improvement for the Naira, appreciating slightly to N1,534.56 per dollar, up from N1,535 per dollar on Friday.
This represents a modest gain of 44 kobo, according to data released by the Central Bank of Nigeria (CBN).
The decision of the Federal Government to withdraw subsidy on Petrol and float the naira orchestrated a major headwind that continues to destabilise the Nigerian economic system.
Unfortunately, while government officials admonish the suffering mass of Nigerians to be patient, to embark on very ostentatious lifestyles that spur the youth to protest.
