The naira has continued to depreciate against the dollar at the parallel market.
Naira and dollar
Naira exchanged at N465 to $1 at the parallel market on Friday as it fell to another new 3-year low.
This comes as the officially recognized NAFEX Market, the Forex turnover was somewhat stable with only a slight drop of 0.08% on Friday as the exchange rate was weakened to N387/$1.
According to Nairametrics, at the black market where forex is traded unofficially, the Naira depreciated by N2 to a dollar to close at N465 to a dollar on Friday, as against the N463 to a dollar on Thursday, another new 3-year low for the Naira.
The exchange rate at the beginning of the week was N461 to a dollar. The drop is due to pressure on the black market as a result of scarcity of dollars, especially at the official. This has made most businesses to source for their foreign exchange at the black market.