Naira Falls to N1,660/$ in Parallel Market
The Nigerian Naira has further depreciated in the parallel market, trading at N1,660 to the US dollar. This development reflects increasing pressure on the local currency amidst ongoing economic challenges. The decline is attributed to a combination of factors, including heightened demand for foreign exchange, reduced dollar inflows, and limited intervention from the Central Bank of Nigeria (CBN). Market analysts warn that the persistent depreciation could further impact inflation rates, cost of living, and the purchasing power of citizens, urging swift policy measures to stabilize the currency.
