BREAKING: Naira to Dollar trades at N1025

The naira on Tuesday, October 10, fell further at the parallel market as it exchanged between 1,005 and 1,025 per dollar.

Marketers have expressed concern about the falling value of the local currency, warning that it would lead to the shutting down of factories and attendant job losses.

The naira has maintained a downward trend since the Central Bank of Nigeria, CBN, allowed a free float of the national currency against the dollar and other global currencies in June 2023.

This decline will further lead to manufacturers struggling to acquire raw materials, with more companies planning to sack more workers or shut down.

With the declining naira value, manufacturers are faced with cutting production, jobs, and raw material imports.

Bureau de Change, BDC, operators have said the naira exchanged for the dollar at the parallel market 1,005 per dollar and 1,025 per dollar on Tuesday, October 10.

A BDC operator in Lagos state, said, “We bought for N1,005 per dollar and sold for 1,025 per dollar on Tuesday. The money is still scarce. The value of the naira has been falling.”

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