Naira Depreciates Further, Exchanges for N1620 Per Dollar

The naira continued its downward slide against the dollar, exchanging for N1620 per dollar at the black market. This represents a further depreciation of the naira, which has been struggling against the dollar in recent times.

According to sources at the Bureau De Change (BDC), the exchange rate for a dollar to naira at the Lagos Parallel Market (Black Market) is N1610 for buying and N1620 for selling. This rate is significantly higher than the official rate of N1602 for buying and N1603 for selling.

The depreciation of the naira has led to concerns about the impact on the economy.

However, President Tinubu has expressed optimism about the economy, saying “We want to reiterate that this government will continue to work assiduously to rekindle Nigerians’ hope and confidence. President Tinubu is working to build a solid and resilient economy.”