Naira falls further to record low

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Uba Group

The naira has depreciated further in value against the US dollar at the official market.

As at Thursday, the Nigerian currency fell by 1.68 per cent against the dollar.

The local currency, which opened at 413.15/$1 on Thursday, closed at 422.07/$1 at the Investor & Exporter foreign exchange window.

The naira had depreciated by 0.19 per cent to 415.10/$1 on Wednesday after closing at 414.30/$1 on Tuesday.

Some operators in the black market said that the dollar was bought at N565 and sold for N570 at the parallel market.

Despite the depreciation, the Central Bank of Nigeria, however, maintained N410.91/$1 as its official rate.