The Naira on Wednesday exchanged for N325 against the American dollar on the parallel market. Nigerian Tribune reports

The bureau de change (BDC) operators who spoke to Nigerian Tribune said the exchange rate has dropped in the past 48 hours and as they suggested a few days ago, is not likely to improve in the coming days or weeks.

Foreign Exchange (FX) rate at the BDC appreciated 3.8 per cent on Tuesday, settling at N318.00/$1.00, but depreciated back to N320.00/$1.00 on Wednesday and Thursday respectively last week.

Last weekend, the president weighed in on the controversy trailing the FX allocation for foreign studies and related demand for FX, maintaining that the country cannot afford it.

This is coming after the CBN clarified its position on the matter that it has not stopped the sales of FX for students studying abroad. Notwithstanding the above, FX rates across segments maintained relative stability week on week (W-o-W), as the local unit closed at N322.00/$1.00 in the parallel market on Friday.

Source: Nigerian Tribune