The Naira has depreciated significantly in the parallel market, trading at N1,520 per US dollar as of June 28, 2024. This represents a sharp decline from the previous rate of N1,510 per dollar. Experts attribute this drop in the Naira's value to various economic factors, including high inflation, limited foreign exchange supply, and ongoing macroeconomic challenges. 
The parallel market rate is now considered the fair value or equilibrium price for the Naira, indicating its diminished purchasing power.
Citations:
[1] https://www.vanguardngr.com/2024/06/naira-down-to-n1520-in-parallel-market/
[2] https://www.tori.ng/news/274409/naira-falls-down-to-n1520-in-parallel-market.html
[3] https://www.nairaland.com/8138641/naira-down-n1520-parallel-market
[4] https://www.thecable.ng/naira-depreciates-further-at-parallel-market-trades-at-n1520/
[5] https://www.vanguardngr.com/2024/05/naira-depreciates-to-n1520-in-parallel-market/
