Naira depreciates against dollar at black market
Monday marked the start of this week's parallel foreign exchange market, as the naira fell versus the dollar.
Abubakar Alhasan, a Bureau de Change operator in Wuse Zone 4 Abuja, claims that the value of the Naira fell from N1,565 per dollar on Friday of last week to N1,570 on Monday.
At the end of business last Friday, the Naira was trading at N1,565 to the dollar, a modest decline of N5.
Following a big rise in the parallel FX market, there is a depreciation observed on the black market.
As at the time this report was filed, the Central Bank of Nigeria had not made the exchange data public.
On Friday of last week, the value of the Naira was N1,500.41 to the US dollar.
This comes after the 299th Monetary Policy Committee was rescheduled by the apex bank on Monday to February 18 and 19, 2025.
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