Forex scarcity naira hits 418dollar parallel market

It seems like you're referring to the current state of the Nigerian economy, particularly the value of the Naira against the US Dollar.

As of now, the Naira has depreciated significantly in the parallel market, with a rate of around 418 Naira per Dollar. This is a significant increase from the official rate of around 306 Naira per Dollar.

The parallel market, also known as the black market, is where individuals and businesses trade currencies outside of the official exchange rate set by the Central Bank of Nigeria (CBN). The parallel market is often driven by supply and demand forces, and it can be influenced by various factors such as economic conditions, political events, and global market trends.

The scarcity of foreign exchange (forex) in Nigeria has been a major contributor to the depreciation of the Naira in the parallel market. The country's foreign exchange reserves have been dwindling due to a combination of factors, including a decline in oil prices, a rise in imports, and a decrease in foreign investment.

The CBN has been trying to stabilize the Naira by intervening in the foreign exchange market and imposing restrictions on foreign exchange transactions. However, these measures have not been enough to stem the tide of the Naira's depreciation in the parallel market.

The impact of the Naira's depreciation on the economy is significant. It can lead to higher prices for imported goods and services, reduced purchasing power for individuals, and increased costs for businesses. It can also make it more difficult for the government to implement its economic policies and achieve its development goals.

In conclusion, the Naira's depreciation in the parallel market is a major concern for the Nigerian economy, and it requires urgent attention from the government and other stakeholders to address the underlying issues driving the scarcity of foreign exchange.