The naira's value has plummeted to a new low, trading at N1,600/$1 on the parallel market and N1,630/$1 on online platforms.

This sharp decline is attributed to mounting pressure on the local currency, which has been weakening in tandem with the official market.

The exchange rate's steady decline has led to a buy price above N1,600/$1 for individuals seeking to purchase dollars with naira. This trend is a cause for concern, as the naira's value continues to erode. Online platforms such as Remitly, Trove, Bamboo, and PiggyVest are selling dollars at a rate above N1,630, further highlighting the naira's struggles.

The Central Bank of Nigeria (CBN) has attempted to intervene by approving the sale of foreign exchange to eligible Bureau De Change (BDCs) for invisible transactions. However, the naira's value remains under pressure, prompting concerns about the country's economic outlook.

As the naira continues its downward spiral, it remains to be seen whether the CBN's efforts will be enough to stem the tide. The naira's value will continue to be a subject of concern for Nigerians and economic observers alike."