On Thursday, the parallel market, an illegal foreign currency market, saw the naira drop to N930 to the dollar.

The reason for this is because Nigerian banks are unable to keep up with the rising demand for dollars, which has led customers to turn to the black market.

Folashodun Shonubi, the acting governor of the Central Bank of Nigeria (CBN) disclosed on Monday that the central bank has been discussing reducing the foreign exchange backlog for some time, “and we hope that we will get there after a while or two weeks,” he said.

Thereefore, the apex bank’s plan to clear foreign exchange debt in the next two weeks is expected to restore confidence in the economy.