The Nigerian naira continued to fall in value against the American dollar on February 17, Wednesday. Now it sells at N385 per dollar at the black market.
Meanwhile, the currency remained stable at the formal interbank foreign exchange market as the interbank rate is N199.34. Therefore the gap between the official and unofficial rates enlarged to N185.66 per dollar from N127.53 last week. On February 12 naira was sold at N325 per dollar. The currency also depreciated against the British pound to N505 per pound on the black market.
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