Naira In Free-fall, Sells N280 To $1 At Parallel Market

The Naira on Monday depreciated by 2 per cent against the dollar at the parallel market. The naira shed N5 to exchange at N280 to the dollar, as against N275 it traded on Saturday.

The Naira firmed against the dollar on Saturday by 1.1 per cent when it exchanged for N275 to the dollar, in contrast to N277 it traded on Friday.

It, however, closed at N197 to the dollar at the official interbank window.

Traders at the Foreign Exchange market said that in spite of the sale of foreign exchange to about 1,650 operators of Bureau de Change last week, the value of the naira continued to fall.

Prof. Sharafadeen Tella of the Department of Economics, Olabisi Onabanjo University, Ago-Iwoye, Ogun, urged the apex bank to continue to tighten its foreign exchange policy.

Tella said this was necessary in view of a call by the International Monetary Fund (IMF) for a flexible policy.