The Nigerian Naira on Tuesday, February 14, dropped one point and crashed against the American dollar at the parallel market to N507 from the N506 recorded on Monday, February 10.
The local currency also depreciated to N620 against the Pound sterling from the N615 rate of yesterday.
Dollar to Naira
However, the Naira stayed unchanged against Euro to trade at N530 as it was yesterday.
Economic and financial experts are divided over the outlook for the Naira this year but many have said the local currency may depreciate further in the coming months.
Recall that the CBN two weeks ago, sold $660m in three and
But traders said it was not enough to satisfy the market.
Meanwhile, you can check out ZENITHBLOG.com’s Bureau De Change ‘market’ here for the best rates on foreign exchange.
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