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Oh No! Naira Depreciates Against the Dollar at the Parallel Market...See Latest Value

Posted by Thandiubani on Thu 17th Aug, 2017 - tori.ng

As the Central Bank continues its intervention, the naira has continued to depreciate against major currencies.

Currencies

The naira on Thursday continued to fall against the dollar at the parallel market, the News Agency of Nigeria (NAN) reports.

The Nigerian currency lost one point to exchange at N368, weaker than N367 posted on Wednesday, while the Pound Sterling and the Euro closed at N478 and N432.

At the Bureau De Change (BDC) window, the naira was sold at N363 to the dollar, while the Pound Sterling and the Euro closed at N478 and N432.

However, the naira appreciated at the investors’ window, exchanging at N361.17 stronger than N362.39.

Traders at the market told NAN that in spite of the weekly auction of foreign exchange by the Central Bank of Nigeria (CBN) to BDC, the naira continued to depreciate.