Nigerian currency hits new low, trading at N1,415 to the US dollar on the black market

By Elizabeth Adegbesan

The Naira yesterday depreciated to N1,415 per dollar in the parallel market from N1,405 per dollar last Friday.

Similarly, the naira depreciated to N1,386.75 per dollar in the Nigerian Foreign Exchange Market, NFEM .

Data from the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira rose to N1,386.75 per dollar from N1,384.25 per dollar last week Friday, reflecting N2.5 depreciation for the naira.

Consequently, the margin between the parallel and official markets widened to N28.25 per dollar from N20.75 per dollar last weekend.