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Naira falls at parallel market amid World Bank caution

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The currency limped back to gain at at the official market.

fell significantly against the U.S. dollar at the unofficial market, but gained slightly at the Investors & Exporters window on Friday.

The bank in its bi-annual Nigerian Development Update said the Central Bank of Nigeria’s management of the foreign exchange regime was a fundamental cause of the nation’s foreign exchange crisis. According to data posted on abokiFX.com, a website that collates parallel market rates in Lagos, the naira closed at N498.00 per $1 at the black market after recording a major gain in the previous session on Thursday.

 

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