Naira continues depreciation, trades at N980 on parallel market

The Nigerian naira has faced further depreciation, reaching an exchange rate of N980 to the US dollar on the parallel market, as reported by The Cable.

The situation has prompted concerns among citizens and businesses, as they grapple with the impact of these currency fluctuations on their daily lives and financial stability.

The Central Bank of Nigeria has been implementing various policies and interventions in an attempt to stabilise the exchange rate and curb inflation.

However, the parallel market continues to reflect a significant disparity in currency value compared to the official exchange rate.

Economic experts and policymakers are closely monitoring the situation, seeking ways to address the root causes of the currency depreciation and its implications for the Nigerian economy.