BY EMEKA EJERE
The naira on Monday exchanged for N481/$ at the parallel market while the exchange rate hit a record high of N412. at the Exporter & Importer (I&E) forex window.
The Central Bank of Nigeria recently disclosed that the naira depreciated at the official market to N410 against the dollar.
“In order to adjust for the decrease in supply of foreign exchange, the naira depreciated at the official window from N305/$ to N360/$ and now hovers around N410/$,” it stated.
The naira had at the weekend exchanged at N485/$1 at the parallel market and N415/$1 at the I&E forex window but remained stable at N379/$1 on the CBN’s official rate, a check at the apex bank’s website showed.
The local currency has lost over 30 per cent of its value in the last one year, despite regular dollar interventions by the CBN to stabilise the local currency.