Naira depreciates further at parallel market

The Naira on Friday depreciated further against the dollar at the parallel market in Lagos, exchanging at N363 to the dollar, weaker than N362.5 traded on Thursday.
The pound sterling and the euro were sold at N478 and N418, respectively.
At the bureau de change window, the naira exchanged at N360 to the dollar while the pound sterling and the euro were sold at N478 and N418, respectively.
Trading at the investors’ window saw the naira closing at N364.01 while the daily market turnover stood at 108.17 million dollars.
A reliable source at the foreign exchange market told the News Agency of Nigeria that political activities and importers’ demand for end-of-the-year shipments were responsible for the spike in the exchange rate.
He added that anxiety and uncertainty in the market also contributed to the depreciation of the naira.