Naira depreciates further at the parallel market on Friday as the Nigerian currency is now N504 to one dollar , the Bureau de Change operators stated.
In the prevous week, the excahnge was at #500 and at N490 a month earlier.
According to the latest update on foreign exchange by naijabdcs.com, the Central Bank of Nigeria’s official rate for the BDCs, the dollar was bought and sold at the rate of N503 and N504 as at Friday evening.
The apex bank in May adopted the NAFEX Investor & Exporter forex window rate of N410.25 as its official exchange rate to dollar.
It would be recalled that in April 2017, the CBN established the I&E forex window as part of efforts to deepen the foreign exchange market and accommodate all forex obligations.
The purpose of the window was to boost liquidity in the forex market and ensure timely execution and settlement for eligible transactions.