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Naira drops to four-year low against the dollar



Naira continues free fall against U.S dollar

Nigeria’s currency dropped to a four-year low against the US dollar in the parallel market, widening the official and official exchange rate to N90.

According to date on abokifx, the Naira ended at N502.00 on the black market on Wednesday, representing a N3 or 0.60 percent appreciation from N505.00 on Tuesday.

Despite the gain, the N502 on Wednesday is the weakest since February 2017.

Read also: Naira weakens further, now N505/$1

At the official market on Wednesday, Naira fell against the U.S. dollar to close at N412/$1 according to data on the FMDQ Security Exchange where forex is officially traded.

This signals depreciation from N411.75 it traded in the previous session on Tuesday.

Wednesday trading session also witnessed a forex turnover of $131.86 million; this translates to a 23.44 per cent depreciation from $172.24 million posted in the previous session on Tuesday.

At the end of Wednesday market, the difference between the official and unofficial market now stands N90.

By David Ibemere…

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