Nigerian currency, the Naira, continues to depreciate in the parallel market on Thursday as it traded at 400 naira to a US Dollar.
NairaWatch recalled that the currency on Wednesday sold at N385 to a dollar but barely 24 hours, it has crashed by N15 to sell at new record low of N400 to a Dollar.
According to a Bureau De Change operator, the crash was due to soaring demand for the Dollar in the foreign exchange market.
UPDATE
Already, the naira has depreciated by N60 against the dollar this week in the parallel market, when compared with the closing exchange rate of N325 per dollar Friday last week.
The currency, however, remained stable at the official interbank foreign exchange market as the interbank rate closed N199.34.
The naira has been on steady decline since Tuesday January 12th 2016, when the Central Bank of Nigeria (CBN) stopped weekly dollar sale to BDCs.
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