Naira continues its embarrassing slump in value, now 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.

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.