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Nigerian Naira Continues to Weaken, Hits N871/$ at Parallel Market

by Vicky Oselumese
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Nigerian Naira Continues to Weaken, Hits N871$ at Parallel Market

The Nigerian naira continues to weaken, reaching N871 per US dollar at the parallel market.

This represents a depreciation of N6 or 0.7 percent compared to last week’s rate of N865/$.

Bureaux De Change operators quoted the buying rate at N865 and the selling price at N871 per dollar, resulting in a N6 profit margin.

There is still high demand for the greenback in the street market.

However, at the investors and exporters forex window, the naira appreciated by 2.43 percent to close at N756.94/$.

The Economist Intelligence Unit predicts that the Nigerian government may go back to a system with more control over the exchange rate to prevent further devaluation of the naira.

This article was updated 1 month ago

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