Money MArket: Naira hits N590 Per Dollar On Parallel Market

The lingering foreign exchange scarcity in the country has continued to worsen even as the exchange rate on the parallel market is inching towards N590/$1

According to the Manufacturers Association of Nigeria the development may lead to massive job loss in the manufacturing industry, among other sectors.

The development comes over eight months after the Central Bank of Nigeria stopped the sale of forex to Bureau de Change operators and promised to boost liquidity in commercial banks.

Checks on Tuesday showed that the exchange rate stood at N585/$1 and N785/£1 on the black market as against the N582/$1 last Friday.

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