Naira Falls Further To N1,525/$ In Black Market

The Nigerian Naira to Dollar exchange rate witnessed a downslide, recording N1,525 to a U.S. Dollar in the parallel market,

BrandNewsDay reports that the Naira exchange rate fell yesterday, Monday, from N1,520 per dollar compared to its exchange rate today at N1,525 per dollar.

Meanwhile, the Nigerian Autonomous Foreign Exchange Market, known as NAFEM, published that the value of the Naira increased to N1,339.33 per dollar.

The indicative exchange rate for NAFEM dropped from N1,482.81 per dollar last weekend to N1,339.33 this past weekend, according to data from FMDQ, indicating a N143.48 appreciation for the naira.

As a result, on Friday of last week, the difference in value between the parallel market and NAFEM rates grew to N185.67 per dollar from N37.19 per dollar.