The Naira on Wednesday, August 9, exchanged at N782.38 to a dollar at the market-driven Investors and Exporters (I & E) window.
The recent depreciation of the Naira has been blamed on the rising backlog of unmet dollar demand and scarcity of the greenback at the official and retail ends of the market.
According to The Nation, there is an estimated $8 billion backlog of demand at the official market, and dollar scarcity at the parallel market, local currency has continued to depreciate significantly. With a $45 million turnover, the supply at the official market has equally nosedived, with a large part of the demand spiralling into the parallel market.
The Naira traded at N900 per dollar in the parallel market.