Naira Depreciates Against Dollar At Parallel Market

The naira has continued on a downward slope as it depreciated against major currencies at the parallel market.
The Naira on Monday depreciated against the dollar at the parallel market in Lagos.

The Nigerian currency lost 1.1 points to exchange at N362.3, weaker than N361.2 posted on Friday, while the Pound Sterling and the Euro closed at N497 and N429, respectively.

At the Bureau De Change (BDC) window, the naira was sold at N362 to the dollar, while the Pound Sterling and the Euro closed at N497 and N429, respectively.

Trading at the investors’ window saw the naira close at N361.57, while it was sold at N305.8, CBN rate. Meanwhile, experts are worried that political spending in the months ahead might affect the stability of the naira.

Currency traders express confidence that the naira would witness better times as the currency- swap deal between Nigeria and China gets underway.

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Chuka (Webby) Aniemeka
Chuka (Webby) Aniemeka

Chuka is an experienced certified web developer with an extensive background in computer science and 18+ years in web design & development. His previous experience ranges from redesigning existing website to solving complex technical problems with object-oriented programming. Very experienced with Microsoft SQL Server, PHP and advanced JavaScript. He loves to travel and watch movies.

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