On Friday, the naira continued to depreciate and fell to N756/$ on the parallel market at Alade Market, Ikeja and Victoria Island in Lagos.
This is a decline of N8 or 1.1 percent compared to two weeks ago when it traded at N748 per dollar.
According to sources who spoke to TheCable, this depreciation could be attributed to high demand for dollars in the street market.
Meanwhile, on the official market side, the naira declined by 0.11 percent to close at N462 per dollar on Thursday according to FMDQ OTC Securities Exchange data.
This depreciation comes after President Muhammadu Buhari granted an extension of validity for old notes until February 10th in order for Nigerians access redesigned naira notes which banks were instructed by CBN Governor Godwin Emefiele pay over-the-counter with daily limits of N20,000 per individual.
Article updated 1 week ago. Content is written and modified by multiple authors.
