Naira sinks, exchanges at N1,000 per dollar

The naira on Tuesday sank to an all time low in the foreign exchange market, trading at N1,000 to 1US$ at the parallel market.

Though, the Central Bank of Nigeria attempts to stabilise its exchange rate at N768 per dollar in the past week, the value of the naira kept sinking to unprecedented low rate at the parallel market, where greater foreign exchange deals are done in Nigeria.

A website which compiles daily exchange rates in Nigeria, from parallel market sources, Abokifx, revealed that the US$ exchanged at N1,000 on Tuesday morning.

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The exchange rate of the naira has persistently been depreciating against the dollar since President Bola Tinubu adopted free market operations in determining the value of the Naira in the foreign exchange market.

The naira was exchanging at about N650/$1 at the time Tinubu assumed office, succeeding former President Muhamadu Buhari on May 29.

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Meanwhile, the nominees of President Tinubu for the CBN Governor and the deputies would be screened for confirmation by the Senate as the National Assembly resumes sitting on Tuesday.