Business Naira Depreciates Against Dollar At Black Market

[ProfRem]

The naira at the parallel market was reversed as the currency depreciated to N355 per dollar in the market.

According to investigation conducted by Vanguard, the parallel market exchange rate rose sharply from N305 per dollar on Tuesday to close in Lagos and Abuja at N355 per dollar, implying depreciation of N50 per dollar. This was in sharp contrast to the N70 appreciation recorded from Monday to Tuesday, when the parallel market exchange rate dropped from N375 per dollar to N305.



- Vanguard

 

[stato]

The speculators are fighting back. Nigerians should just sit tight and wait.