The naira plunged against the US dollar in the unofficial market on Friday, according to data released on AbokiFXshowed a website that compiles the parallel market rate in Lagos.
According to published data, the naira was exchanged on Friday in the black market segment at 950 naira to the dollar amid an increase in demand for the dollar.
The exchange rate implies a depreciation of 0.53 percent from 945 naira to the dollar which was exchanged in the previous segment of the market on Thursday.
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However, the local unit made a significant gain against the dollar at the Investors and Exporters (I&E) foreign exchange window on Friday.
According to market data released by FMDQ on its website, the local currency closed at 756.91 naira to the dollar on Friday, down from 780.00 naira in the previous session on Thursday.
The rate implies an appreciation of N23.1 or 3 percent from N780.00 per dollar recorded in the previous segment on Thursday.