Naira Depreciates Massively Against Dollar, See New Exchange Rate
The dollar exchanged at N600 at the parallel market on Monday May 16,
In Uyo, currency dealers exchanged the Naira at N595.00 and sold within the range of N596.00 and N600.00 to a dollar, while Abuja black market dealers at wuse zone 4 said the currency was exchanged at N594.00 and sold at N595.00 per $1 on Monday.
According to FMDQ, where forex is officially traded, the Naira which opened trading at N417.30 closed at N421.50 to a dollar at the close of business on Monday, May 16.
The depreciation of the local currency has heightened fears of a further devaluation of the nation’s currency.