Naira weakens to N440 on black market

Nigeria’s currency on Thursday weakened by N1.00k as the dollar was trading at N440 compared to N439 traded on the previous day.

Traders attributed the high cost of dollar to increased demand as importers were buying dollars from the black market to settle their objections.

The foreign exchange market opened on Thursday with an indicative rate of N385.35k, which showed Naira depreciating by N0.27k when compared with N385.08k traded on Wednesday at the Investors and Exporters (I&E) forex window, data from FMDQ revealed.