Home Business Naira hits record low on the official market

Naira hits record low on the official market

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Nigerian naira banknotes are seen in this picture illustration, September 10, 2018. REUTERS/Afolabi Sotunde/File Photo

On Thursday, the naira dropped further by 1.68 per cent against the dollar in the official market.

Investor & Exporter foreign exchange opened on Thursday at 413.15/$1 and closed at 422.07/$1.

On Wednesday, the Naira depreciated by 0.19 per cent to 415.10/$1 after closing at 414.30/$1 on Tuesday.

Some operators in the black market claim that the dollar was bought at N565 and sold for N570 on the parallel market.

However, the Central Bank of Nigeria maintained an official exchange rate of N410.91 to $1 on its website.

The CBN stopped purchasing forex from Bureau de Change operators last July and had assured that it would supply forex to legitimate users through banks.

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