Naira depreciates futher, sells at N950 to a dollar at black market

The Nigerian currency, naira depreciated further at the black market, on Friday as it sold for N950 to the US dollar.

Ripples Nigeria had reported that the naira sold for between N910 to N930 on Thursday at the black market.

READ ALSO:Naira to dollar rate closes at N789/$1, peaks at N804/$1 in official market

In Lagos, the exchange rate for a dollar to naira at the black market saw players buy a dollar for N940 and sell at N950.

The naira has continued to witness a free fall since the Federal Government under President Bola Ahmed Tinubu decided to abolish multiple exchange rates and allowed market forces to determine the rate of the naira to other foreign currencies.

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