Home Business Naira’s free-fall continues, hits record low

Naira’s free-fall continues, hits record low

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Naira fell significantly against the U.S. dollar at both the unofficial and official markets on Monday, taking what has become the trend in the last week to a new low.

According to abokiFX.com, a website that collates black market rates in Lagos, the local unit closed at N550.00 per $1 at the black market window on Monday. This implies a N5.00 or 0.92 per cent devaluation from the N545.00 it exchanged on Friday last week.

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Naira, which opened at N545.00 at the parallel market segment, hit N549.00 at noon, before closing at N550.00 on Monday.

The currency has maintained a steady decline on the black market segment for six consecutive sessions on a stretch.

Similarly, the naira saw a pronounced decline against the dollar at the official market on Monday as foreign exchange supply rose significantly.

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