Naira depreciates to N1,387/$ in parallel market

The Nigerian naira fell to about ₦1,387 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 inflows from oil exports. This rate is significantly weaker than the official Central Bank rate, widening the gap between legal and market prices for the currency. Views Nigeria