Naira in steady fall at parallel market

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.

(NAN)

Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

DOWNLOAD THE PREMIUM TIMES MOBILE APP

Now available on

All rights reserved. This material and any other material on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from PREMIUM TIMES.