 as the local currency midweek crumbled to 920/dollar at the parallel market despite scaling up 850/dollar and 880/dollar earlier in the week.){kind=link}
The value of the naira against the United States dollar weakened from 900/dollar on Wednesday to 920/dollar on Thursday at the black market.
The naira which had hit 945/dollar at the parallel market about two weeks ago, rebounded last week.
However, the local currency began a move southward this week, a situation that has unsettled economic managers and stakeholders in the oil and gas sector.
The local currency, which had gained in recent days, returned to a downward trend as scarcity of of dollars hit the black market again.
The Naira had traded between 850/dollar and 880/dollar earlier this week. On Wednesday, the naira fell further at the parallel market, while it also fell on the Investor & Exporter (I8E) window to 773.42/$.
BDC operators in Lagos, Kano, Abuja and airports sold the hard currency between 895/dollar and 905/dollar on Wednesday.
A BDC operator at the Lagos Airport, who simply identified himself as Bashir Ibrahim, told our corresspondent on Thursday that “We bought and sold the naira today at 900/$ and N920/$ respctively.”
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