The naira has plunged to a new all-time low of N615 against the dollar at the unofficial market amid the scarcity of the greenback, traders told BusinessDay on Friday.
The local currency, which closed at 608/$ a week earlier, has lost 8.13 percent of its value since the start of the year, when it stood at N565 per dollar at the parallel market.
The traders said the dollar shortage had worsened on the back of the demand by would-be pilgrims and summer travellers.
A total of 43,008 pilgrims from Nigeria are expected to join others from across the world to perform this year’s Hajj, according to a media report quoting the National Hajj Commission of Nigeria.
The Nigeria Christian Pilgrims Commission (NCPC) said in May 2022 that it expected that at least 10,000 faithful would go on a pilgrimage from Nigeria this year.
It said the 2022 pilgrimage would begin in Nigeria on May 31 when the faithful would travel to Israel and Jordan.
The exchange rate at the Investors and Exporters (I&E) forex window fell by N0.08 week-on-week to N421.33/$, according to Afrinvest Securities Limited.
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