Nigeria Naira closes at N352/$ on speculation, scarcity

The continued free fall of the currency (naira) in the parallel market (black market) have both Nigerians and investors worried.
The naira has further depreciated in value to N352/$ at the parallel market following continued scarcity of US Dollars. Meanwhile, the official Central Bank of Nigeria (CBN) rate remained at N197 to the dollar.
The effect on the increasing cost of doing business, along with economic slowdown is affecting firms operating in Nigeria as production costs increase amid foreign currency restrictions.
According to media reports the Central Bank of Nigeria (CBN) might increase the 41 items restricted from accessing forex to include seeking health and education abroad.
naira
Forex dealers and experts have indicated that they expect the Naira to fall further at the parallel market this week as demand for dollars continues to soar.
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