And the Naira keeps losing value

As at yesterday, Wednesday 28, September, the Naira has dropped to an all time low of 472 to a dollar on the parallel market. This happens to be the biggest decline so far since CBN's adoption of the flexible foreign exchange regime.

This is due to the low dollar liquidity in the market amidst riding demands for foreign exchange. September is resumption month for most schools abroad, hence Nigerian parents are presently paying tuition and accommodation fees for their wards, this has further heightened the need for foreign exchange in Nigeria leading to the extreme hike in exchange rate.