BREAKING: Naira depreciates further, hits N1,235 per Dollar in Black Market

The value of the naira took a further hit as the new business week began, plummeting to N1,235 against the US dollar at the parallel market, in contrast to the N1,170 rate it held at the end of the previous week.

In the Nigerian Autonomous Foreign Exchange Market (NAFEM), also referred to as the Importers and Exporters window, the naira experienced a depreciation of 5.4 percent last week, reaching NGN808.27 to the dollar.

According to parallel market traders, the persistent decline in the naira’s value can be attributed to the shortage of US dollars in the market.