Naira slide continues as dollar hits N249 at parallel market

Dollars used to illustrate the story.

The naira on Wednesday continued to depreciate at the parallel market as it exchanged for N249 to the dollar.

The News Agency of Nigeria, NAN, reports that the naira lost N1 on Wednesday afternoon to close at N249, as against its previous value of N248.

It, however, appreciated at the official interbank window as it gained N0.03 to close at N196.97.

Traders at the parallel market affirmed that the challenges at the Bureaux de Change, BDCs, continued to have its toll on the parallel market.

NAN reports that the inability of some BDCs to render proper accounts of forex transactions earned about 1,600 of them some sanction from the apex bank.

Meanwhile, the high cost of dollar had been having multiplier effects on most import-based businesses, leading to unhealthy price increases.

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(NAN)

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