Naira Slides Further Against Dollar To N425 At The Parallel Market

The Naira has slide to N425 per dollar in the parallel market as at Wednesday, April 22.

The Naira has continued its slide against the dollar at the parallel market as the Nigerian currency exchanged for N425 against the dollar on Wednesday.

See Latest Exchange Rate As Naira Continues To Drop — File Photo

According to abokifx.com, although a dollar was sold for N420 in the morning, by Wednesday evening the rate had become N425/dollar.

The sharp drop represents the fourth in 23 days between March 31, and April 22.

The Naira had traded N415, N416, 420 and N425 within the period under review, a data obtained from AbokiFX shows.

Meanwhile at the investors’ window, the Naira gained N2.07 after it opened at N385.07 to close at N383 against the dollar.

But at the Nigerian Autonomous Foreign Exchange Fixing (NAFEX), the value fell by N387.32 to N388.92 on Wednesday, representing a N1.59 drop against the dollar on Tuesday.