Naira Depreciates Further Against The Dollar

The Naira on Monday depreciated against the dollar at the parallel market, the News Agency of Nigeria (NAN), reports.

The Nigerian currency lost N3 to exchange at N393, from N390 posted on Friday; while it traded at N505 and N435 against the Pound Sterling and the Euro respectively

At the Bureau De Change (BDC) segment of the market, the naira closed at N385, N505 and N420 against the dollar, Pound Sterling and the Euro, respectively.

The naira appreciated at the official interbank market to close at N317.34, from N320.25 posted on Friday.

Traders at the market said that the demand for the greenback was still on the high side.

NAN reports that the market was eagerly awaiting the sale of forex by banks to BDCs during the week.

(NAN)