Naira Depreciates Further At Parallel Market

The naira depreciated further at the parallel market on Monday as it lost N0.5 to exchange at N242.5 to the dollar.

It was previously exchanged at N242 to the dollar.

The naira, however, closed at N197 to the dollar at the inter-bank segment.

The naira has continued to slide in spite of the measures adopted by the apex bank to defend the exchange rate.

Traders at the market said that there was upsurge in demand for foreign exchange and this was impacting on the exchange rate of the naira.