The naira has again experienced a historic decline in the parallel market, it fell to a record low of N1,320 per dollar following strong demand on the parallel market, also known as the black market.
This represents 3.03% or N40.00 weaker than N1,280 recorded at the close of trading on Tuesday.
This depreciation marks the lowest the Naira has come to since October 26, 2023, when it reached N1,300 against the dollar on the parallel market.
According to some market analysts, it is connected to diaspora Nigerians who are now departing in droves after the holiday season.
Some market experts noted that the recent decline to a steady rise in demand for dollars since the beginning of January is primarily driven by businesses seeking to restock goods or raw materials and individuals requiring dollars for overseas studies.
Another reason stated by the market analysts is also due to the reopening of schools abroad as international students restock to pay school fees and hold some cash for holiday allowances
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