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NAIRA HITS ALL TIME LOW, TRADES AT N610/$ IN PARALLEL MARKET

The Nigerian currency, Naira now exchanges at N610 to the dollar at the parallel market, for the first time in history.

Although the naira’s official rate eventually stabilised at 419.02 at the Investors and Exporters window, after several dips on Friday  the value of the currency has sunk to greater depths at the parallel market.

According to Aboki Forex, a website that furnishes the Nigerian audience with the exchange rate of foreign currencies at the parallel market, the dollar was sold at N610 on Sunday morning.

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From N588 per dollar on May 8, to N610, the naira has depreciated against the dollar over the past two weeks.

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