Naira continues its embarrassing slump in value, now trades at N530/$1

The Naira has sunk to an all time low.

These are the most counterfeited Naira notes, according to CBN

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.

A couple of policies targeting the tech and social media sectors have also impacted investor confidence in the Nigerian market.

On Wednesday, the Naira closed at N528.00 to $1, representing a N2.00 or 0.40 per cent devaluation from N526.00 it traded in the previous session on Tuesday.

Nigeria's economy is largely import-dependent.


Eyewitness? Submit your stories now via social or:


Recommended articles

From slum boy to real estate magnate, Sujimoto births Banana Island’s tallest residential building

GeekHub Enterprise Technologies rolls out innovative solutions to transform business landscapes

BoICT 2021: Spectranet wins Best 4G Internet Service Provider, commits to further raising the customer service bar

PAC Asset Management holds webinar to empower investors on financial intelligence

Nigeria moves to increase trade relations with Iran

CFD forex trading and cryptocurrency: Lessons for African regulators

Norway blames rising cost of stockfish in Nigeria on forex ban

Current Prices of Building Materials in Nigeria (September 2021)

Chude and Ego Foundation set to transform low-income communities