On Friday, the Nigerian Naira at the parallel market depreciated against three international currencies at the close of trading for the week.
On Friday, the Nigerian Naira at the parallel market depreciated against three international currencies at the close of trading for the week. The Naira depreciated by N1 or 0.45% against the dollar due to high demand. It sold for N221 against the dollar from the N220 it sold on Monday, June 15.
The Naira also lost N27 to sell at N352 to the pound, representing 8.31 per cent depreciation from the N325 it traded on June 15.Besides, the Naira against the euro went for N245 compared with the N238 it sold on June 15, representing N7 or 2.97% drop. The Naira against the dollar at Central Bank of Nigeria (CBN) official rate remained at N196.90, the rate since June 11.
A bureau de change operator, Mr Harrison Owoh said that the depreciation in all segments was due to a shortfall between demand and the foreign exchange available for sale. He said that a further shortfall in forex supply may lead to further depreciation.