The Nigerian Naira has fallen further against the dollar at the parallel market, crashing to N595 to the dollar on Thursday.
THE WITNESS had reported on Wednesday that the local currency collapsed to N600/$ at per-to-per market, a record low.
Meanwhile, at the parallel market, Bureaux De Change operators (BDCs), interviewed on Thursday, said the Nigerian currency now exchanges at N595 to the dollar.
The figure represents a depreciation of N6 or 1 per cent compared to the N589 it traded last week.
The street traders put the buying price of the dollar on Thursday at N590 and the selling price at N595, leaving N5 profit margin.
They attributed the decline in the value of the naira to increased demand for the greenback (dollar) mostly by importers.
On the official market, Naira also depreciated at the investors and exporters window (I&E window) on Wednesday, exchanging at N418.75 to the dollar — a 0.12 per cent depreciation from N418.25 traded on Tuesday.
The open indicative rate closed at N417.70 to the dollar on Wednesday.
An exchange rate of N444.00 to the dollar was the highest rate recorded within the day’s trading before it settled at N418.75.
The naira sold N410 to the dollar with a total of $115.78 million traded at the I&E window