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Naira hits 390 to a dollar in the Parrallel market


The naira tumbled from 382 to 390 against the dollar at the parallel market on Wednesday as the scarcity of foreign exchange worsened.

The local currency has been under persistent pressure against the greenback owing to dollar scarcity at both the interbank foreign exchange market and the black market.

The shortage of forex at the interbank market, owing largely to scanty intervention by the  Central Bank of Nigeria after the total floating of the naira, has led to gradual and continued depreciation of the currency at both markets.

Nigerians are in a big mess, big one and the only thing that will save us is if there's an increase in exports. That's the only solution to this.

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