The value of the naira continued its free fall yesterday as it depreciated to N1,610 to the dollar at the parallel market whilst it appreciated at the Nigeria Autonomous Foreign Exchange (NAFEX) window.
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At the close of business on Thursday, the value of the naira which had dipped to N1,515.28 to the dollar at the NAFEX window had appreciated to N1,498.25. The value of the local currency had dipped on Wednesday despite a $117.87 million inflow into the market.
At the parallel market, the value of the naira continued to dip with transactions consummated between N1,610 and N1,615 to the dollar compared to N1,550 which it sold the previous day.
