Naira Depreciates Against Dollar, Records 3-Year Low At Black Market (See Latest Exchange Rate)

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The naira has continued to depreciate against the dollar at the parallel market.

Naira exchanged at N465 to $1 at the parallel market on Friday as it fell to another new 3-year low.

This comes as the officially recognized NAFEX Market, the Forex turnover was somewhat stable with only a slight drop of 0.08% on Friday as the exchange rate was weakened to N387/$1.

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According to Nairametrics, at the black market where forex is traded unofficially, the Naira depreciated by N2 to a dollar to close at N465 to a dollar on Friday, as against the N463 to a dollar on Thursday, another new 3-year low for the Naira.

The exchange rate at the beginning of the week was N461 to a dollar.

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The drop is due to pressure on the black market as a result of scarcity of dollars, especially at the official. This has made most businesses to source for their foreign exchange at the black market.

The post Naira Depreciates Against Dollar, Records 3-Year Low At Black Market (See Latest Exchange Rate) appeared first on Naijaloaded | Nigeria’s Most Visited Music & Entertainment Website.

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Source: News update

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