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Naira Further Slumps Against Dollar

The naira has depreciated further against the dollar at the parallel market, exchanging at N367 to the dollar.

The  Nigerian currency lost one point from N366 posted on Friday, while the Pound Sterling and the Euro closed at N476 and N432.

At the Bureau De Change (BDC) segment, the naira was sold at N363 to the dollar, while the Pound Sterling and the Euro closed at N476 and N432, respectively.

The naira, however, appreciated at the investors’ window as it closed at 362.50, stronger than N365.68, its opening rate.

Traders said that the demand for foreign exchange outstripped its supply.

The Central Bank of Nigeria (CBN) is intervening at the foreign exchange market to stabilize the naira.

The naira had rallied around N363 to the dollar for about two weeks until market forces dragged it into depreciation

About Ademola Aderele

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