Naira Sinks To Record Low At N1,700 To $1 As Gap Widens

Naira Sinks To Record Low At N1,700 To $1 As Gap Widens …C0NTINUE READING HERE >>>

The value of the Naira hit an unprecedented low, closing at N1,700 to one US dollar in the parallel market at the close of business on Monday, a 0.29 per cent decline compared to N1,695 to the dollar which it sold last week Friday.

While the naira slid in the parallel market, it showed relative stability in the Investors and Exporters (I&E) window, closing at N1,641.27 to the dollar. Nevertheless, this still represents a 1.14 per cent depreciation from its previous value of N1,622.57. The persistent pressures on Nigeria’s foreign exchange system despite a recent rally in crude oil…

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