APC, PDP primaries responsible for massive fall of Naira
Aspirants for the two largest political parties, the All Progressives Congress (APC) and the Peoples Democratic Party (PDP), are vacuuming up dollars around the country ahead of their primaries, causing the naira to depreciate further. According to an evaluation conducted, the dollar has been fluctuating between N550 and N570 for the past two months until hitting an all-time high of N595 on the black market on Thursday. The black market rate, which is significantly higher than the official rate of N415/$, is not recognized by the Central Bank of Nigeria (CBN), but what is constant is that dollar has inflated heavily against the naira. The naira has continued to fall against the dollar on the parallel market, according to this newspaper’s findings, as many people scoop up the limited foreign cash. Many commercial banks are reportedly running out of cash as a result of their inability to meet many customer requests. As the scarcity remains, some are concerned that the currency rate could...