Naira slides by 0.7% at parallel market

The Naira on Wednesday depreciated by 0.7 per cent at the parallel market following last minute payment of tuition fees abroad.
The News Agency of Nigeria reports that the naira lost N2 to exchange at N307 to a dollar against N305 traded on Tuesday.
NAN reports that the naira had relatively remained stable in the past weeks.
However, the naira closed at N197 to a dollar at the Central Bank of Nigeria’s official rate.
Traders at the market expressed optimism that the proposed intervention of the apex bank by selling foreign exchange to the commercial banks would shore up the naira.
Some parents, who spoke on condition of anonymity, said it was stressful sourcing dollars to pay school fees of their children abroad.
They urged the Federal Government to ensure easy access to dollars for legitimate needs.
NAN.