Naira hits new low at parallel market, strengthens at official market

The Naira depreciated further against the United States dollar at the unofficial market on Wednesday, market data collated from currency dealers in the country revealed.

As at 3:00 p.m. Nigerian time, the local currency is being exchanged at N1,030 per $1 at the Abuja Zone 4 market.

The rate implies a N5.00 depreciation from N1,025 per $1 rate it was exchanged in the previous session on Tuesday.