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Naira depreciates at parallel market


The naira on Friday depreciated at the parallel
market barely 48 hours after it strengthened
against the dollar.

The News Agency of Nigeria (NAN) reports that the
naira lost N2 to exchange at N242 to the dollar, as
against its previous value of N240.

Meanwhile, the official inter-bank rate remained at
N197 to the dollar.

Traders at the market said that in spite of the
biweekly sale of forex to Bureaux de Change
(BDC’s), the currency of the biggest economy in
Africa continued to slide.

They attributed the development to the difficulty
encountered by some BDC operators in disposing
their forex due to the apex banks regulation on
forex sales.

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Posted By Bobricky On 12:00 Sat, 28 Nov 2015

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