The Nigerian naira on Thursday fell to N1,400 against the US dollar on the black market, following renewed demand pressure in the foreign exchange (FX) market.
With the current exchange rate, the naira has lost 19.64 percent in two weeks when compared to N1,125 per dollar quoted on April 12, 2023 on the parallel market, popularly called the black market.
At the Nigerian Autonomous Foreign Exchange Market (NAFEM), the naira depreciated to N1,308.52 per dollar on Wednesday.
Compared to the level on April 12, 2024, the naira has weakened by 12.69 percent from N1,142.38 per dollar in the last two weeks, according to data from the FMDQ Securities Exchange.
