Dollar Now Costlier Than Euro as Naira’s Street Value Sinks

The United States dollar is now stronger than the euro on the Nigerian parallel market as the naira extended its slide against the greenback.

This week, the value of the naira has tumbled against the dollar at a faster pace than against the euro. It currently stands at 1,155/$ compared to 1,069/$ on Tuesday. That compared with N1,140/€, down from N1,095/€ on Tuesday, according to data from abokifx, a platform that tracks parallel market rates.

However, the euro is still stronger than the dollar on the official market, where the naira closed at 909/€ on Thursday, compared with 860/$, data from the Central Bank of Nigeria show.