Naira Plunges by N105 in One Day, Hits N1,600/$1 at Parallel Market, Records Gains at NAFEM to Close N1,498

Nume Ekeghe

The parallel market yesterday in reaction to the numerous Central Bank of Nigeria (CBN) directives on foreign exchange (FX) with regards to PTA, BTA, and currency cash pooling has seen the naira plunge to N1,600/$1 falling by N105 in one day.

However, the naira at the official Nigerian Autonomous Foreign Exchange (NAFEM) window recorded gains as it closed yesterday at N1,498.25, a N5.13 gain compared to N1,503.38  it recorded on Wednesday.

The parallel market recorded a single-day depreciation of 7.02 per cent or N105 falling to N1,600 from the N1,495 it recorded the previous day.