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Nigerian Naira Depreciated at Parallel Market

Nigerian Naira Depreciated at Parallel Market

The Nigerian Naira has depreciated today Friday 27th November 2015 at the parallel market just about 48 hours after it was strengthened against the US Dollar.

Meanwhile, the official inter-bank rate within the country remained at N197 to the US dollar.

The News Agency of Nigeria (NAN) reported that the Nigerian Naira lost N2 to exchange at N242 to the US dollar, as against its previous value of N240.

Traders at the market said that in spite of the biweekly sale of forex to Bureaux de Change (BDC’s), the currency of the biggest economy in Africa continued to slide.

They attributed the development to the difficulty encountered by some BDC operators in disposing their forex due to the apex banks regulation on forex sales of the Nigerian Naira


Rev Francis Waive

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