Naira hits all-time low, crosses N1,500 to dollar at official market

There is no end in sight to the lingering foreign exchange crisis as dollar crossed over N1,500 at the official market.

The dollar closed at 1,534.39 at the official market on Monday, according to the FMDQ data.

This is the first time the dollar would be exchanging at over N1,500 since the crisis putting more pressure on businesses and importers.

This is despite the several measures and interventions by the Central Bank of Nigeria (CBN) aimed at stabilising the market.

However, local currency has defied all the interventions and continues to depreciate against the foreign currency.

Already the impact of this could be felt in several sectors with Nigerians experiencing alarming inflation and increased food prices.

Despite the dollar exchanging at N1,534 at the official market, it has stabilized at the unofficial parallel market exchanging between N1,450 and N1500.