Business
Naira Hits Record Low Against Dollar in Parallel Market
The Nigerian naira experienced its sharpest decline this week against the US dollar in the parallel market on Wednesday, trading at its weakest rate yet. Currency traders in Wuse Zone 4, Abuja, confirmed that the exchange rate reached N1,625 per dollar, compared to N1,610 recorded on Tuesday, marking a depreciation of N15 within a day.
Abubakar Alhasan, a Bureau de Change operator, stated that the dollar was bought at N1,618 and sold at N1,625, reflecting the highest loss in value for the naira so far this week.
The official market also saw a decline, with the naira falling to N1,608.60 per dollar on Wednesday from N1,605.62 the previous day. The local currency has now recorded three consecutive days of depreciation in the official exchange market, further heightening concerns over Nigeria’s forex stability.
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