Naira Depreciates Against Dollar, Records 3-year Low At Black Market…See Latest Exchange Rate

The naira has continued to depreciate against the dollar at the parallel market.
Naira Depreciates Against Dollar, Records 3-year Low At Black Market...See Latest Exchange Rate
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.   

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. 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.

DOWNLOAD LINK 128 kbps || DOWNLOAD LINK 256 kbps

Adebisi Adedayo

Is Pro Blogger, a Tech and Gadget Freak, Online Content Developer, Digital Marketer, Social Media Manager, Multimedia Personnel, Brand Strategist, PR/Hype Man 📣. You can connect with him on FACEBOOK Whatsapp: +2348167121987 Call: 08094246323

Leave a Reply

Your email address will not be published.