The Nigerian naira on Monday crashed to a historic low at the parallel market, exchanging for N620 against the United States dollar at the exchange platform Aboki Forex.
The figure represents a 0.8 percent depreciation from the N615 it traded the previous week.
Although the Naira gained the dollar at the Investors and Exporters’ window, exchanging at N430 to the dollar on Friday, the value of the currency has sunk further at the parallel market.
While the Central Bank of Nigeria (CBN) claims that the parallel market does not accurately reflect the country’s exchange rate, Bureaux De Change operators (BDCs) in Ojodu Berger area of Lagos, told Peoples Gazette that they were currently selling at the rate of N620 per dollar.
The naira has continued to depreciate considerably against the dollar over the past months, going from N588 per dollar in May to N620 on Monday.
- Peoples Gazette
