Naira Trades at N481/$ at Parallel Market

150 Viewed Obiajulu Joel Nwolu 0 respond
  Naira Trades at N481/$ at Parallel Market
Obiajulu Joel Nwolu

The naira has further taken a fall at the parallel market by exchanging for N481/$.

It exchanged for an exorbitant N412 at the Exporter and Importer forex window.

Recall that Nigeria’s apex bank, the Central Bank of Nigeria had stated that the naira depreciated at the official market to N410 against the dollar.

The CBN said, “In order to adjust for the decrease in supply of foreign exchange, the naira depreciated at the official window from N305/$ to N360/$ and now hovers around N410/$.”

This post was written by Obiajulu Joel Nwolu.

The views expressed here belong to the author and do not necessarily reflect our views and opinions.

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