The Nigerian naira on Tuesday depreciated against the dollar at the parallel market with currency traders predicting that the currency will stabilize soon.
Bundles of naira note
The Naira on Tuesday depreciated marginally against the dollar at the parallel market, newsmen report.
The Nigerian currency on Tuesday afternoon lost one point to exchange at N391 to the dollar, weaker than N390 posted on Friday, while the Pound Sterling and the Euro closed at N498 N420 respectively.
At the Bureau de Change (BDC) window, the Naira was sold at N362 to the dollar, while the pound sterling and the Euro exchanged at N490 and N417 respectively.
However, the Naira appreciated at the Nigeria investors and exporters window, closing at N379.68 to the dollar, stronger than N380.31, its opening rate.
Trading at the Nigeria interbank market saw the Naira closed at N305.80 to the dollar. Currency traders said that in spite of the marginal loss of the Naira, the nations’ currency had remained stable.
They called for patriotism on the part of Nigerians to save the Naira from the jaws of speculators and currency hoarders.
-NAN