The Naira’s value continued to plummet on Thursday, Feb. 15, falling to N1,610 to the US dollar (USD) on the parallel market.
At the conclusion of business on Thursday, the Naira had risen to N1,498.25 per dollar at the Nigeria Autonomous Foreign Exchange (NAFEX) market, up from N1,515.28.
However, on the parallel market, the value of the Naira continued to fall, with transactions ranging from N1,610 to N1,615 to the Dollar on Thursday, compared to N1,550 the previous day.
The naira has recently been under serious attack, resisting repeated interventions by the Central Bank of Nigeria (CBN), exacerbating the country’s cost of living issue and inflationary pressures.
