Naira depreciates against dollar at parallel market

Naira depreciates against dollar at parallel market

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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.

The naira however, traded across major cities as depicted in the graph below:

Exchange rates across major cities in Nigeria

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

Meanwhile, experts are worried that political spending in the months ahead might affect the stability of the naira.

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