BUSINESS

Naira Slides To N1,210/$1 At Parallel Market

 

The value of the Nigerian naira on Monday continued its downward slide, plummeting to N1,210 to the US Dollar compared to last week’s closing rate of N1,170 in th parallel market.

At the Nigerian Autonomous Foreign Exchange Market (NAFEM), often referred to as the Importers and Exporters window, the naira witnessed a depreciation of 5.4%, reaching NGN808.27 to the dollar last week.

Traders in the parallel market attribute this persistent devaluation of the naira to the scarcity of the US dollar.

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