Naira Closes At N950 To Dollar In Parallel Market

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Naira Closes At N950 To Dollar In Parallel Market
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The naira yesterday sustained depreciation in the parallel market, closing at N950 to a dollar. The rate was N50 weaker than the N900 it closed on Wednesday.

At the Investor and Exporter (I&E) window – the official market – the naira closed at N781 to a dollar, N1 stronger than N782 it closed on Wednesday.

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The transaction volume also accelerated to $60 million, as against $45 million recorded the previous day.

The naira crisis followed a continuous shortage of dollars at both official and parallel markets, leading to a severe illiquidity crisis in the market.

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