The Naira has continued to depreciate at the parallel market in spite of the steady rise in the nation’s foreign reserves, the News Agency of Nigeria reports.
The Nigerian currency lost three points at the parallel market to exchange at N510 on Wednesday after closing at N507 on Tuesday, while the Pound Sterling and the Euro exchanged at N625 and N535, respectively.
Trading at the Bureau De Change window saw the Naira close at N399 to a dollar, while the Pound Sterling and the Euro traded at N626 and N537, respectively.
At the interbank window, the Naira traded at N305.50 to the dollar.
Traders at the market attributed the current onslaught on the Naira to activities of speculators and currency hoarders.
Trending
- Traditional ruler shot dead inside palace
- Primate Ayodele to Yoruba Nation agitators: You can’t break Nigeria
- Police intercept bags of Indian Hemp at Lagos jetty
- Enugu, families to give Ibu, Junior Pope befitting burial
- Police arrest suspects for attempting to disrupt inauguration of commissioners
- Police rescue three children locked up by grandmother + Photo
- Police foil attack in Katsina, neutralise suspected bandit
- US vetoes Palestine’s request for full UN membership