Naira further depreciates to 1,410 per dollar on the black market

On the black market, the naira has fallen to an all-time low.

On Thursday, January 25, the value of the naira was ₦1,415, down 3.66 percent from N1,365 on Tuesday, January 23.

Operators of Bureau de Change (BDC) set the selling price of ₦1,415 and the buying rate of ₦1,400 for the US dollar.

On the official market, the value of the naira fell by 0.41 percent on Wednesday, January 24, from ₦878.61 on Tuesday to N882.24 on Wednesday.

The Central Bank of Nigeria (CBN) governor, Olayemi Cardoso, stated that the naira is now undervalued, which led to the current scenario.