Naira sinks further against dollar, pounds

the Naira

Naira and Dollar

The Naira depreciated further in the parallel market on Tuesday hitting N557 to the US dollar.

While the value was stable on the official window at N409.51-N410.50, it continues to be blown apart in the black market and the BDC.

Quotes by, showed that the currency fell by 1.3 percent to hit an unprecedented rate of N557.

The BDC selling rate was N555.

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There is thus a wide gulf of N145 between official and black market rate.

The naira also dipped 1.3 percent against the British pound.

One pound now goes for N760 and one Euro N645.

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