Naira slumps further at parallel market

The naira slumped further as it exchanged to a dollar for 485 at the parallel market on Friday, after starting the week at 483/$.

At the Investor & Exporter forex window, the exchange rate hit a high of N412/$ before closing at N410.05.

The Central Bank of Nigeria recently disclosed that the naira depreciated at the official market to N410 against the dollar.

“In order to adjust for the decrease in supply of foreign exchange, the naira depreciated at the official window from 305/$ to 360/$ and now hovers around 410/$,” it stated.