The Naira has continued its slide against the dollar at the parallel market as the Nigerian currency exchanged for N425 against the dollar on Wednesday.
According to abokifx.com, although a dollar was sold for N420 in the morning, by Wednesday evening the rate had become N425/dollar.
Last month, the Naira weakened against the dollar on the parallel market to N410, as the coronavirus pandemic hit economic activities.
The coronavirus pandemic has fiercely affected the economy and well pushed many country into recession.
READ ALSO: Naira Weakens To 410 Against Dollar At Parallel Market
Data gathered from AbokiFX revealed that trading of the FX on the parallel market started at N400, while it plummeted by 2.43% to N410 per dollar at the end of trading.
Reports also showed that the Naira went down to N385.39 per dollar on the over the counter spot market, as importers across the country rushed for dollars to meet up existing transactions.
Last week the Central Bank of Nigeria had adjusted the official rate of the Naira from N306 to N360.
The apex bank said it would sell to Bureaux de Change (BDC) across the country at N376 per dollar, while it directed the BDC to sell at N380 per dollar.
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