Naira Lose Ground Against Dollar

PIX: Naira and Dollar Notes

Naira and Dollar Notes

 

The naira on Monday marginally depreciated further against the dollar at the parallel market, exchanging at N367 to the dollar.

It lost one point from N366 posted on Friday, while the Pound Sterling and the Euro closed at N476 and N432.

At the Bureau De Change segment, the naira was sold at N363 to the dollar, while the Pound Sterling and the Euro closed at N476 and N432, respectively.

At the investors' window, the naira, however, appreciated closing at 362.50, more than N365.68, its opening rate.

Traders said that the demand for foreign exchange outstripped its supply.

The Central Bank of Nigeria is intervening at the foreign exchange market to stabilise the naira.

The naira had rallied around N363 to the dollar for about two weeks until market forces dragged it into depreciation.

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