Economy
Naira Depreciates Against Dollar
The Nigerian currency, naira, lost N2 to the dollar at the parallel market on Thursday.
It exchanged for N369 to the dollar, weaker than N367 posted on Wednesday, while the Pound Sterling and the Euro closed to the naira at N478 and N437, respectively.
At the Bureau De Change (BDC), the naira was sold at N363 to the dollar, while the Pound Sterling and the Euro closed at N478 and N437, respectively.
Trading at the investors’ window saw the naira closing at N360.50 to the dollar, while it exchanged at N306 to the dollar at the CBN window.
Traders said demand for dollar far outstripped supply as usual.
NAN reports that the naira had been battling to remain stable at N365 to the dollar before the forces of demand and supply pushed its depreciation further.
Some financial analysts had on Tuesday argued that the naira, at N360 to the dollar, was undervalued.
In spite of over 3.6 billion dollars injected to the foreign exchange market by the CBN since February, the naira rate was still struggling to be stable. (NAN)
Follow us on social media:-
News2 days ago
Uniport Lecturer Spotted Harassing Female Student In Office; Mgt Reacts (Video)
-
Celebrity Gossip & Gist2 days ago
Davido’s manager, Asika speaks on why Davido is yet to collaborate with Wizkid, Burna Boy on a song
-
News2 days ago
Man shares encounter with applicant who came for job interview after insulting him online
-
News17 hours ago
More trouble for Emefiele as EFCC accuses him of printing N684.5m naira notes with N18.9bn