The Nigerian naira has further dipped in the parallel market as it now sells for a whopping N550 against the dollar, according to Aboki FX, a popular forex trading platform.

The naira, which sold at N548/$1 Monday morning, now sells at N550/$1 in the evening of the same day.

The local currency has continued to depreciate, despite efforts by the governor of the Central Bank of Nigeria, Godwin Emefiele, to salvage what’s left of its value.

On July 27, Mr Emefiele halted sales of forex to Bureau De Change (BDCs) operators across the country.

This has caused a heavy scarcity of the dollar which is one of the highly demanded foreign currencies. 

Nigeria, which consumes more products than it manufactures, has continued to suffer heavy inflation over the unending rise of the dollar.

The depreciation in the value of the naira translates to a heavy hike in the prices of imported products such as milk, sugar, rice, electronics, cars, and many other consumables.