Naira depreciates further to N295 at parallel market

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The naira continued its slide against the dollar at the parallel market on Wednesday trading at N295 to the dollar.

The Nigerian currency traded N290 to the dollar at the same segment in Lagos on Tuesday.

The News Agency of Nigeria reports that the naira exchange rate was, however, stable at N197 to the dollar at the official market on Wednesday.

The naira has depreciated steadily since Monday when the apex bank stopped the weekly sale of foreign exchange to bureau de change operators in a bid to sanitise the market.

Traders at the market said that they were concerned about the depreciating naira exchange rate in the black market.

They, however, expressed optimism that the policy might impact positively on the market in the long run.

The CBN Governor, Godwin Emefiele, announced the new foreign exchange policy at a media briefing in Abuja on Monday.

He said the new policy was to stop “rent seeking activities” in the market.

(NAN)

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  • tunde

    That slide will continue and don’t be surprise if you see 500-600 because investors are waiting to massively invest in the country.But the problem is instead of allowing naira to find its value through market forces (demand&supply),the stake holders think they can just impose any value for naira.