The naira fell to an all-time low of N950 to one dollar at the parallel market on Thursday afternoon, The Nation has learnt.
The currency had traded earlier this week at N897.
At the official window, market data posted on Wednesday showed that the Naira closed at N782.38 per $1.
The street traders, popularly known as ‘abokis’ put the buying price of the dollar at N935 and the selling price at N950, leaving a profit margin of N15.
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The latest depreciation of the naira comes amid rising demand for foreign currency by importers and travelers.
It also comes as the Central Bank of Nigeria (CBN) continues to grapple with the challenges of dollar scarcity.
The CBN has been intervening in the foreign exchange market in an effort to stabilize the naira, but the currency has continued to depreciate.
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The latest depreciation of the naira is likely to have a negative impact on the economy, as it will make it more expensive for businesses to import goods and services.
It will also make it more expensive for Nigerians to travel abroad.
The CBN is expected to take steps to address the depreciation of the naira, but it is unclear what measures the central bank will take.
In the meantime, Nigerians are advised to brace for more pressure on the naira
