Again naira depreciates to N930 to a dollar at parallel market

Once again Nigeria local currency the naira has depreciated to N930 Per Dollar.

The naira weakened to N930 to 1 dollar on Thursday in the unofficial foreign exchange (FX) market, known as the parallel market.

This is as a result of Nigerians banks inability to meet the growing demand for dollars, prompting buyers to turn to the parallel market.

Folashodun Shonubi, the acting governor of the Central Bank of Nigeria (CBN) disclosed on Monday that the central bank has been discussing reducing the foreign exchange backlog for some time, “and we hope that we will get there after a while or two weeks,” he said.

Therefore, the apex bank’s plan to clear foreign exchange debt in the next two weeks is expected to restore confidence in the economy.

Tinubu met the dollar at N750 in May 29 when he took over the reigns of government while Buhari in May 2015 met the dollar at N197.