The crises festering in Nigeria’s currency exchange market doubled down yesterday with the local currency depreciating further across all segments of the market.
Though the exchange rate at the official Nigerian Forex Market, the Investors & Exporters window gained some respite hovering around N790.61/ $1 yesterday after the downward rate of N848/$1 the previous day, the yesterday rate remained much higher than last week’s level while dealers expected further depreciation from today.
They said the ban was necessary in order to save the nation from looming job crisis, insecurity and collapse of the nation’s economy.
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