The naira on Thursday continued its downward trend against the United States dollar, depreciating to N1,309/$ at the official market and N1,420 at the parallel market. The new rate which indicates a depreciation of N90 or 6.8 per cent from N1,330 quoted by currency traders on Wednesday followed renewed dollar demand pressure in the foreign exchange market. According to currency traders at the popular Wuse Zone 4 market, operators bought the greenback note at N1,340 and sold it at N1,420, leaving a profit margin of N80. Malam Yahu Abubakar in…
Read MoreHUGE DOLLAR DEMAND TROUBLES THE NAIRA: EXCHANGES FOR N1,420/$ AT PARALLEL MARKET
