As the dollar soars, it spreads hardship across Nigeria

VAM NEWS UPDATE

Industries in the country are battling for survival owing to the continued slide of the naira against the dollar.

The naira Thursday traded at between N1,155 and N1,160/dollar at the unregulated markets in Lagos and Abuja.

At the official Investors & Exporters (I&E Window), it had earlier traded at N986 before closing at N782.68.

The organised private sector and other stakeholders said as the naira weakened further, manufacturers and business owners were faced with severe challenges of increased import costs, high inflationary pressure, reduced profit margins and limited access to foreign markets.