The Nigerian naira depreciated to its lowest level in 48 years, trading between 540 and 545 to a single dollar in Lagos on Thursday.
It was gathered from the parallel market and Bureau De Change (BDC) traders in Lagos that the naira was falling rapidly against the greenback.
Ibrahim Ahmad said;
“For people that don’t buy today, it will be more expensive tomorrow,”
“The dollar was going for N530 earlier today, but now, it’s N545, if you’re buying anything below $1,000”.
The British pound was trading at 740 across the same markets.