On Thursday, April 25, the Naira saw further depreciation against the United States dollar.
At the official market, the Naira dropped to N1,309/$, while at the parallel market, it fell to N1,420.
This new rate represents a depreciation of N90 or 6.8% from the previous day’s rate of N1,330, as reported by currency traders on Wednesday, April 24.
Bureau de change operators attribute this depreciation to a surge in the demand for dollars.