Dollar surpasses N1600 at official market
The depreciation of the naira has continued as the local currency surpassed N1,600 at the official rate, Daily Trust can report. The US Dollar closed at N1608.73 to a dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) worsening the woes of manufacturers, airline operators and others with significant forex inputs. The dollar appreciated with […]
The depreciation of the naira has continued as the local currency surpassed N1,600 at the official rate, Daily Trust can report.
The US Dollar closed at N1608.73 to a dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) worsening the woes of manufacturers, airline operators and others with significant forex inputs.
The dollar appreciated with about N10 24 hours after it closed at N1598.30.
However the rate is lesser at the parallel market with a dollar exchanging for N1595 at the close of work on Wednesday.
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The Central Bank of Nigeria (CBN) had ramped up measures to arrest the depreciation especially with the constant sale of dollars to registered bureau de change (BDC) operators.