The value of the naira continued its downward spiral at the opening of business activities on Monday crashing at the parallel market to N1,210 to the dollar as against N1,170 which it closed last week.
At the Nigerian Autonomous Foreign Exchange Market (NAFEM), also known as the Importers and Exporters window, the naira depreciated last week by 5.4 per cent to NGN808.27 to the dollar.
Don’t Expect Strong Naira If Nigeria Remains Import-dependent – Aganga
Parallel market traders say the continuous decline in the value of the naira is due the scarcity of the greenback in the market.
Details later…