Wednesday, June 19, 2024
HomeBusinessNaira Devalue To 1,410 Per Dollar In Black Market

Naira Devalue To 1,410 Per Dollar In Black Market

The value of the Nigerian legal tender, the naira, hit a record low on the parallel market.

On Thursday, January 25, the naira traded at N1,415, recording a 3.66 percent decline from N1,365 traded on Tuesday, January. 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, the naira depreciated by 0.41 percent to N882.24 on Wednesday, January. 24, from N878.61 on Tuesday.

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

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