Forex crisis: Naira plunges to 1,025/$, job losses, factory shutdown loom

The naira fell further on Tuesday as it exchanged for the dollar at the parallel market between 1,005/$ and 1,025/$.

The naira has maintained a downward trend since the Central Bank of Nigeria allowed a free float of the national currency against the dollar and other global currencies in June.

This decline has further led to manufacturers struggling to get raw materials, with more companies planning to sack more workers or shut down.

With the declining naira value, manufacturers are faced with cutting production, jobs, and raw material imports.

Omolewa

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