The ongoing foreign exchange crisis appears to have no end in sight as the dollar crossed N1,500 at the official market.
The FMDQ data shows that the dollar ended Monday’s official market trading at 1,534.39.
Since the crisis, the dollar has never exchanged for more than N1,500, which puts additional strain on importers and businesses.
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.
