Business

Dollar will be scarce in Nigeria as Naira inflate in Foreign Exchange Market

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It’s another bad day in the economy market for Nigeria that has the Covid-19 pandemic as inflated the price of a dollar to 450 in Naira currency as of April 24, 2020, in the parallel market.

Aboki Fx, a famous foreign exchange rate as disclosed the price of a dollar to be N450 naira in Nigeria currency on price which as seen people worried about the rapid increase.

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The Liquidity crisis in the foreign exchange rate seems to the crumbling as the price went from the recent price N412 per dollar risen to N428 per dollar in the last three days.

However, the naira maintains a stable exchange rate against the pound sterling at N500 to a pound at the time of the report.

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Nigeria as seen its economy hit negatively recently due to the Covid-19 pandemic with oil prices crashing in recent weeks. People suggest they should go back to the grassroots because the government’s only focus is on the oil sector.

This has led to further pressure in the expenditure of the Nation’s external reserves as it has depleted to about USD 33.8 billion as of April 22, 2020.

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The crisis as even having a negative mark on the importers and investors to have it hard to get access to exchange because of the scarcity of the currency.

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