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Naira slides to N503/$1 at parallel market

The naira extended its decline at the parallel market yesterday, as it exchanged to the dollar for N503/$1 compared with N502 per dollar on Tuesday, according to abokifx.com. However, data obtained from the Central Bank of Nigeria (CBN)’s and FMDQ’s websites shows that there was not much change in the value of naira as the official exchange rate- stood at N410.16 per dollar and N411.50/$1, respectively. New Telegraph reports that in the wake of the CBN’s adoption of the Investors and Exporters’ (I&E) window- NAFEX- rate as the official exchange rate in late May, the naira plunged to N502/$1 at the parallel market on June 7.

 

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