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ECONOMY

Naira Sinks To An All Time Low, Trades At N530/$1

The Nigerian currency, the Naira, closed at N530 to USD$1 on Thursday, September 2, 2021, the lowest it has ever traded at the parallel market.

The Naira’s sinking value has been compounded by dollar scarcity and a recent Central Bank of Nigeria (CBN) policy that bars Bureau De Change operators from accessing forex.

The currency has also been hit by a slump in the price of crude oil in the global market, policy somersaults and COVID-19 induced lockdowns and restrictions.

Nigeria’s economy is largely import-dependent with little or nobody investment in domestic market.

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