Dollar falls to N1,600 at parallel market

The value of the Naira continued its free fall on Thursday, Feb. 15, as it depreciated to N1,610 to a United States Dollar (USD) at the parallel market.

At the close of business on Thursday, the value of the Naira which had dipped to N1,515.28 to the Dollar at the Nigeria Autonomous Foreign Exchange (NAFEX) window, had appreciated to N1,498.25.

However, at the parallel market, the value of the Naira continued to dip with transactions consummated between N1,610 and N1,615 to the Dollar on Thursday compared to N1,550, which it sold the previous day.

The naira has come under a severe attack in recent times, defying several interventions by the Central Bank of Nigeria (CBN) thereby worsening the cost of living crisis and inflation in the country.