The local currency depreciated further at the official market, on Friday, closing at N1,466.31 to a dollar at the official market, according to checks.
Although the dollar exchanged at N1,466.31 at the official market, it depreciated at the parallel market, where it exchanged for N1,510.
The dollar to naira exchange rate increased by N40 between Thursday and Friday having closed to N1,426 to a dollar, according to the National Autonomous Foreign Exchange Market (NAFEM), the official exchange market.
The naira’s gain has been reversed in recent times after the currency firmed up against the dollar, exchanging around N1,000 with businesses and the government heaving a sigh of relief.
This was after the Central Bank of Nigeria (CBN) supplied more dollars to the Bureau De Change (BDC) operators in a bid to boost liquidity in the market.
