Naira depreciates to N1,387/$ in parallel market

The Nigerian naira fell to about ₦1,387 per US $1 in the country’s parallel (black‑market) foreign‑exchange market, reflecting a sharp depreciation driven by low foreign‑currency 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 and raising the cost of imports, debt servicing, and everyday goods for Nigerians. Views Nigeria