Naira drops further to N1,620/$

Naira drops further to N1,620/$ 

There is no respite yet for the naira on the foreign exchange market. The naira on Friday depreciated further to N1,620 against the dollar at the parallel market.

The Nigerian currency fell by N20, which is 1.25 per cent from N1,600/$ reported on March 1, 2024.

Bureau de Change (BDC) operators, quoted the buying rate at N1,600 and the selling price at N1,620 — leaving a profit margin of N20.

The naira also depreciated to N1,627.40 against the dollar at the official exchange rate window on Friday — a 1.57 per cent fall against the N1,602.17/$ traded on Thursday.