Naira Declines At Parallel, Official Markets

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 by Daily Trust.

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.

While the dollar exchanged at N1,466.31 at the official market yesterday, it further depreciated at the parallel market, exchanging for N1,510.

It earlier exchanged for N1,450 on Friday morning but closed the day with N1,510 at the street market popularly referred to as the black market.