Naira slips further at black market

Naira depreciated at the unofficial market on Wednesday to N1,050 per $1.

The Naira fell substantially against the United States dollar at the unofficial market on Wednesday, market data published by AbokiFX, a website that collates market data in Lagos, showed.

According to the data, the naira which stood at N1,040 per dollar in the morning, declined to N1,042 and eventually closed at N1,050 to a dollar on Wednesday.

The rate implies N10.00 depreciation from N1,040 the local unit exchanged at the unauthorised window on Monday.

Meanwhile, the naira is sold at N1,060 per $1 at the parallel market segment, as demand for the greenback remains at large amidst shortfall in supply.

Similarly, the naira weakened at the Investors and Exporters (I&E) window, data published on FMDQ website on Monday showed.