In Uyo, currency dealers exchanged the Naira at N595.00 and sold within the range of N596.00 and N600.00 to a dollar, while Abuja black market dealers at wuse zone 4 said the currency was exchanged at N594.00 and sold at N595.00 per $1 on Monday.
According to FMDQ, where forex is officially traded, the Naira which opened trading at N417.30 closed at N421.50 to a dollar at the close of business on Monday, May 16.
The depreciation of the local currency has heightened fears of a further devaluation of the nation’s currency.
