Naira suffers great fall against dollar.


Naira has recorded a great fall against the U.S dollar.

The exchange rate at the parallel market fell to a new 3 year low on Thursday closing at N463/$1.

However, on the officially recognized NAFEX Market, Forex turnover rose by 110.6% on Thursday strengthening the exchange rate to N386.50/$1.

At the black market where forex is traded unofficially, the Naira depreciated by N2 to a dollar to close at N463 to a dollar on Thursday, as against the N461 to a dollar on Wednesday, the lowest Naira value in about 3 years.

The exchange rate at the beginning of the week was N461 to a dollar.

The last time the exchange rate traded at N463 levels at the black market was the 10th of March 2017.

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