Naira depreciated sharply at the parallel foreign exchange market on Thursday as the backlog of unmet demand soared.

A dollar was sold for N495 compared with N487 it traded the previous day at the back market, according to aboki.com, local forex monitoring platform.

At the investors’ and exporters’ window, the local currency depreciated against the dollar by 0.48% to N393.25.

The Dollar was sold for N379 at the official segment of the market at the central bank continues to intervene in the market.

The Naira also weakened against the Pound, exchanging N635/£ at the parallel market instead of N629/£ it traded on Wednesday.

The local currency also lost N5 against the Euro at the parallel market, exchanging N580/€ at the black market.

Exchange rate on Thursday
Abikifx rates, Thursday