The naira has fallen to over N1,600 per US dollar at the official rate, with the dollar closing at N1,608.73 on the Nigerian Autonomous Foreign Exchange Market (NAFEM).
This is a rise of about N10 from the previous rate of N1,598.30.At the parallel market, the dollar is valued at N1,595.
The ongoing depreciation is straining businesses that rely heavily on foreign exchange, including manufacturers and airlines.
The Central Bank of Nigeria (CBN) is working to stabilize the naira by increasing dollar sales to registered bureau de change (BDC) operators.
DAILY TRUST