Naira depreciates further in parallel market, now N1,030 to a dollar

The Nigerian currency, naira, on Thursday, continued its free fall at the parallel market, also known as black market, exchanging for N1,030 to a dollar.

The naira had earlier, on Wednesday, closed at N1,010 to a dollar at the parallel market.

The Nigerian currency, however, appreciated in the Investors and Exporters (I&E) window yesterday to N759.2 per dollar.

According to data from FMDQ, the indicative exchange rate for the I&E window fell to N759.2 per dollar from N776.8 per dollar on Wednesday, indicating N17.16 appreciation for the naira.

READ ALSO:Naira continues free fall, exchanges for N1,025 to a dollar

The gap between the official and parallel market exchange rates, however, continues to rise, as it widened to N270.8 per dollar yesterday from N233.2 per dollar on Wednesday.

Ripples Nigeria reports that the Central Bank of Nigeria, in a statement on Thursday evening, said it would resume intervention in the exchange rate market in order to stabilise the local currency.

According to the apex bank, its intervention will, however, would decrease as the naira stabilises against major foreign currencies.

The CBN also announced the lifting of the ban placed on 43 items excluded from official window of forex transactions.

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