The exchange rate today shows that the naira is begging for mercy and nothing seem to done so far to the cries of the naira as $1 is now at 358 to the USD. Although, the federal government still has its price to dollar to be 199 which is far from what is experienced in the market .
It is not only the dollar that is on the increase, but its a know fact that once the dollar is on the increase, other currencies are increasing as well against the naira. The Euro as well as the great British pounds has also increased. There are a whole lot of indices that contributes to the exchange rate falling as if it were in a bottomless pit that can not be rescued . The market women and other traders across the country has taken the increase of the dollar to their advantage and this is not helping the country as a whole to the extent that items that has got noting to do with the prices of dollar such as locust been is currently on the increase with flimsy excuse that the dollar is on the increase against the naira.