The naira fell to N1,600/$1 on Thursday as a result of the parallel market’s response to many directions from the Central Bank of Nigeria (CBN) on foreign exchange (FX) pertaining to PTA, BTA, and currency cash pooling. This is a N105 drop in one day.
Nonetheless, the naira saw gains in the official Nigerian Autonomous Foreign Exchange (NAFEM) window on Thursday, closing at N1,498.25, up N5.13 from N1,503.38 on Wednesday.
The parallel market saw a 7.02 percent single-day depreciation, or N105, dropping from N1,495 to N1,600 from the previous day.