The naira today weakened against major currencies at the parallel market even as the Central Bank continues to intervene.
Naira and dollar notes
The Nigerian currency, naira, lost N2 to the dollar at the parallel market on Thursday, the News Agency of Nigeria (NAN) reports. It exchanged for N369 to the dollar, weaker than N367 posted on Wednesday, while the Pound Sterling and the Euro closed to the naira at N478 and N437, respectively.
At the Bureau De Change (BDC), the naira was sold at N363 to the dollar, while the Pound Sterling and the Euro closed at N478 and N437, respectively.
Trading at the investors’ window saw the naira closing at N360.50 to the dollar, while it exchanged at N306 to the dollar at the CBN window. Traders said demand for dollar far outstripped supply as usual.
NAN reports that the naira had been battling to remain stable at N365 to the dollar before the forces of demand and supply pushed its depreciation further. Some financial analysts had on Tuesday argued that the naira, at N360 to the dollar, was undervalued.
In spite of over 3.6 billion dollars injected to the foreign exchange market by the CBN since February, the naira rate was still struggling to be stable.
-NAN