The economic woes of Nigeria has been compounded by the drought of the dollar which has adversely affected its value against the naira.
This seems to be the worst time to be a Nigerian as the value of the naira in exchange for the United States dollar in the black market has taken a nosedive recurrently for the 4th day.
The naira fell further to 363 against the dollar at the parallel market on Thursday, as the scarcity of foreign exchange continued to weigh on the value of the local currency at the interbank and parallel markets.
The naira had closed at 360 to the dollar at the parallel market on Wednesday. The local currency also dropped against the greenback at the interbank official market to 284 per dollar on Thursday. The naira has fallen consistently at the interbank market this week, a development that is reflected in the volatility it has recorded at the parallel market.
The currency depreciated at the interbank market to 282.5, 283.25, 283.75 against the dollar between Monday and Thursday.
Foreign exchange dealers told a Punch correspondent on Thursday that a huge volume of demand was moving from the interbank market to the parallel market due to the forex supply gap at the interbank market.
“It is a supply and demand market. A lot of demand is being pushed to the parallel market due to the shortage at the interbank market; it appears that the interbank market is being rigged,” the National President, Association of Bureau De Change Operators, Aminu Gwadabe, said, adding, “There is the need to really douse the tension.”
This has contributed immensely to the rate of inflation under the administration of President Muhammadu Buhari which has jumped to 13.7% in recent times.