The Nigerian Association of Road Transport Owners (NARTO) has suspended its industrial action, following its recent engagement with the federal government. This was disclosed by Yusuf Lawal, the national president of NARTO in Abuja on Tuesday.
The naira has again weakened to an all-time low, as it is being exchanged at 1,825 and heading to 2,000 for a dollar at the parallel market.
This represents 6.30 percent lower than N1,710 per dollar closed on Monday at the black market, also known as the parallel market.
Asked about what could have caused this, “ Dollar no dey for Market, the small one wey dey, people dey rush am and they ready to pay any amount. ( There is no dollar in the market and the little ones that come to market are highly priced,) “One of the street traders told a popular Nigerian newspaper.
The naira depreciation followed a strong demand by the end-users amid its shortage across foreign exchange (FX) markets.
Data showed that dollar sales made possible by banks as well as deals between interested buyers and sellers fell sharply on Monday, down 26.59 percent to $66.43 million from the previous Friday’s reported loss of $84.10 million.
After trading hours, the naira plummeted to an all-time low of 1,574.62 versus the US dollar, a significant 2.33 percent decline from its Friday closing price at 1,537.96/$1 at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
