Increased demand for dollar causes Naira to depreciate to 1,420/$

The naira depreciated further on Thursday, April 25, against the United States dollar.

At the official market, the Naira depreciated to N1,309/$ and N1,420 at the parallel market. 

The new rate which indicates a depreciation of N90 or 6.8 per cent from N1,330 quoted by currency traders on Wednesday, April 24.

Bureau de change operators blame the depreciation on an increase in the demand for the dollars.