Naira Firms At Official Window, Falls To N1,615 At Parallel Market

The value of the Naira continued its free fall on Thursday as it depreciated to N1,610 to a United States Dollar (USD) at the parallel market whilst it appreciated at the Nigeria Autonomous Foreing Exchange (NAFEX) window.

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 $117.87million 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 on Thursday compared to N1,550, which it sold the previous day.