The Naira has depreciated further to N480 per dollar at the parallel market, NAIJ.com can report this Tuesday, November 29. The currency weakened from N473 to N475, then further down to N480/$1 at the black market on Tuesday afternoon.
According to sources, the British pounds now exchanges for N585/£1, while the Naira is sold at N500 to one Euro. The development was also confirmed by our reliable Bureau de change operator who however declined to comment further. The fall of the local currency can also be attributed to the decision of the Central Bank of Nigeria (CBN) to slash dollar sales to BDCs by 46%.