The value of the Naira drastically drops to N860/$,in the parallel market due to an increased demand for the dollar.

The Naira’s value has sharply declined in the parallel market due to a surge in demand for the Dollar.

On Wednesday, July 19, the Naira experienced a significant drop, reaching N860 per dollar in the parallel market. This marked a N35 increase from the previous day’s trading, July 18.

In contrast, the Naira had closed at N742.9 against the Dollar on Tuesday at the I&E (Investors and Exporters) window, accentuating the widening gap between the official exchange rate and the rate in the parallel market.

By Chinedu

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