Naira depreciates to N1,387/$ in parallel market

The Nigerian naira fell to about N1,387 per US $1 on the country’s parallel (black‑market) exchange rate, reflecting a sharp depreciation driven by low foreign‑exchange reserves, high inflation, and reduced investor confidence. This rate is significantly weaker than the official Central Bank rate, widening the gap between official and market prices for imports, debt servicing and everyday transactions. Views Nigeria