As at today, N520 exchanges for a dollar at the parallel market leaving more Nigerians in economic hardship as prices of goods and services skyrockets.
Financial experts have advocated a further devaluation if the country is to attract the needed foreign inflows to be able to jumpstart the economy as it grapples with its worst recession in 25 years.
With dollars becoming scarcer and the economy on the brink of its first full-year recession since 1991, Nigerian businesses are being forced into the black market. There, each dollar costs N523, almost 70 percent more than the official rate.
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