The Nigerian Naira has depreciated in the foreign exchange parallel market falling by 2 naira against the dollar. On Monday, the exchange rate to the dollar was 480 naira per dollar.
The naira also fell against the British Pound, exchanging for 652 per pound as opposed to the 650/pound it exchanged for last week.
The investors and exporters’ (I&E) fx window is projected to open at 393.31 per dollar while as of Friday, the official exchange rate was N379 per dollar.
Despite the Central Bank of Nigeria’s (CBN) efforts to curb the further depreciation of the Naira like banning International Money Transfer Operators (IMTOs) from paying diaspora remittances in Naira, experts believe more would have to be done in stabilising the exchange rate.
