By Munachimso Obienyi
Following the increased demand for the dollar amidst continuous shortages in the nation’s authorised markets, Nigerians and most especially businesses have continued to lament while urging the Federal government to create a stable exchange rate and more transaction channels.
This is coming after the exchange rate between the Naira and the US dollar fell to a record low at the parallel markets, trading at a minimum of N870/$1 on Monday afternoon.
This is more than double the official NAFEX exchange rate of N440/$1 reported by the central bank on its website for November 4, 2022. The rates closed above N870/$1 on Friday, however, several parallel market rates seen by NwafoLive suggest rates depreciated further to as low as N890-N900/$1
