Naira Slumps Further, Loses 50k In Value To Dollar
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LAGOS SEPTEMBER 22ND (NEWSRANGERS)-The nation’s currency, the Naira has depreciated marginally against the dollar at the parallel market, exchanging at N365.5 to the green back at the end of trading on Thursday.
This is because the Naira lost 50 kobo from N365 posted on Wednesday, while the Pound Sterling and the Euro closed at N487 and N436.
At the Bureau De Change (BDC) window, the Naira traded at N362 to the dollar, while the Pound Sterling and the Euro closed at N487 and N436.
Trading at the investors’ window saw the Nigerian currency closing at N360.33 to the dollar in a situation that prompted traders to attribute the high demand for the dollar led to the slight depreciation of the Naira at the market.
The Naira remained stable for more than five months, exchanging at N365 to the dollar.
The rise in the nation’s external reserve made the CBN comfortable in its aggressive interventions at the foreign exchange market.
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Posted by News Rangers
on Sep 22 2017. Filed under State.
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