- The Naira fell to N230 on Wednesday in the parallel market as importers scrambled to source for forex lifeline to save their business.
- The Naira was N228 on Tuesday and N220 just a week ago thus depreciating by 4.5% in just one week.
- The depreciation is likely to continue as more importers scramble to secure enough forex for their next imports to avoid being run out of business
- The naira was trading at 198.95 to the dollar on the interbank market on Wednesday.
- The central bank lowered its exchange rate peg to 196.95 to the dollar on Tuesday from 196.90 last week.
![[The Nigerian Economy Daily] FG has approved the closure of five foreign missions and embassies](https://nairametrics.com/wp-content/uploads/2017/05/nigerian-economy-today-1.jpg)
