Ahead Of APC, PDP Primaries: Naira Crashes Further As Aspirants Allegedly Mop Up Dollars

Ahead of the primaries of the two leading political parties, the All Progressives Congress (APC) and Peoples Democratic Party (PDP), aspirants are mopping up dollars across the country, leading to the further depreciation of the naira.

Daily Trust reports that the dollar has hovered between N550 to N570 in the last two months before it jumped to an all-time high of N595 at the black market on Thursday.

The Central Bank of Nigeria (CBN) does not however recognise the black market rate, which is far above the N415/$ official rate.

Findings by DT newspaper showed that the naira has continued to depreciate at the parallel market against the dollar as many people scoop the scarce foreign currency.

It was gathered that many commercial banks are running out of dollars as they are unable to meet many requests from customers. There are fears in some quarters that the exchange rate might climb to N600/$ as the scarcity persists.

-DailyTrust