The naira on Thursday continued a downward slide in value by 1.68 per cent against the dollar at the official market.
At the Investor & Exporter foreign exchange window, the local currency, which initially opened at 413.15/$1 on Thursday later closed at 422.07/$1.
The naira had continued to depreciate faster than imagined since the Central Bank of Nigeria (CBN) stopped the sale of forex to the Bureau de Change operators while assuring that it would supply forex to legitimate users through the banks.
Meanwhile, the dollar at the parallel market was bought at N565 and sold for N570, according to some operators in the black market.
Although, the CBN maintained N410.91/$1 as its official rate on its website.©Standard Gazette, 2021. Unauthorized use and/or duplication of this material without express and written permission from this site’s publisher is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Standard Gazette with appropriate and specific direction to the original content.