Will the tide ever stop? This was the question on the lips of financial analysts as the Naira continues its downward spiral against the Dollar and other world currencies.
The value of the Naira again fell by 1.68 per cent against the dollar at the official market on Thursday.
At the Investor & Exporter foreign exchange window, the local currency opened at 413.15/$1 on Thursday but closed at 422.07/$1.
Earlier on Wednesday, the Naira had depreciated by 0.19 per cent to 415.10/$1 after closing at 414.30/$1 on Tuesday.
The outlook at the parallel market was grimmer as the dollar was bought at N565 and sold for N570, according to some operators in the black market.
The Central Bank of Nigeria, however, maintained N410.91/$1 as its official rate on its website.
Many wondered if the July 2021 decision by the CBN to stop forex sales to the Bureau de Change operators should be blamed for this unusual downfall of the currency.
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