Naira further depreciates to 1,410 per dollar on the black market

The naira has hit a record low at the parallel market.

The naira traded at N1,415 on Thursday, Jan. 25, a 3.66 percent decline from N1,365 traded on Tuesday, Jan. 23.

Bureau de Change (BDC) operators, put the buying rate of the greenback at N1,400 and the selling price at N1,415.

Meanwhile, on the official market, naira depreciated by 0.41 percent to N882.24 on Wednesday, Jan. 24, from N878.61 on Tuesday.

The development comes after Olayemi Cardoso, governor of the Central Bank of (CBN), said the naira is currently undervalued.

 

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