The Naira has continued to depreciate at the parallel market in spite of the steady rise in the nation’s foreign reserves, the News Agency of Nigeria (NAN) reports.
The Nigerian currency lost three points at the parallel market to exchange at N510 on Wednesday after closing at N507 on Tuesday, while the Pound Sterling and the Euro exchanged at N625 and N535, respectively.
Trading at the Bureau De Change (BDC) window saw the Naira close at N399 to a dollar, while the Pound Sterling and the Euro traded at N626 and N537, respectively.
At the interbank window, the Naira traded at N305.50 to the dollar.
Traders at the market attributed the current onslaught on the Naira to activities of speculators and currency hoarders.