Naira Depreciates Further Against Dollar At Parallel Market

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The Nigerian currency (Naira) has on Friday, November 27, depreciated at the parallel market about 48 hours after it strengthened against the United States currency (Dollar).

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The News Agency of Nigeria (NAN) reports that the Naira lost N2 to exchange at N242 to the Dollar, as against its previous value of N240, however, the official inter-bank rate remained at N197 to the Dollar.

Traders at the market said in spite of the biweekly sale of forex to Bureaux de Change (BDC’s), the currency of the biggest economy in Africa continued to slide.

They attributed the development to the difficulty encountered by some BDC operators in disposing their forex due to the apex banks regulation on forex sales.



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