The naira has fallen against the US dollar at the parallel market again, it has been revealed.
According to Vanguard reports, the naira on Monday further depreciated against the dollar at the parallel market and lost N1.50 to the dollar as it was traded at N225.5 to the dollar at the parallel market on Monday afternoon.
1000 naira fake notes are still circulating in Borno state The report claimed that this is in sharp
contrast to the N224/dollar recorded last Friday.
The official interbank rate also reportedly dropped by 0.05 to N196.95 to the dollar, while traders at the parallel market attributed the depreciation of the naira at the market to insufficient quantity of dollar at the market.
Recall that the Central Bank of Nigeria (CBN) recently explained that its efforts to save naira’s exchange rate from dive has to completely unexpected catastrophic results for Nigerian businesses.
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