Massive job cut looms as dollar hits N590, forex scarcity bites harder

Written by on March 23, 2022

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.

 

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

 

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.

 

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

 

This is just as banks have also limited customers’ access to forex, placing a cap of $20 per month for online transactions.


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