Tuesday, Oct 20th 2020 8:38 AM
Lagos
+29°C

Market Digest Nigeria

Economy

Naira Depreciates Further To N410/$ At Black Market

Despite efforts of the Central Bank of Nigeria (CBN) in giving life to the Naira at the foreign exchange market, the local currency has continued to suffer losses against the Dollar at the parallel market.

On Tuesday afternoon, the Nigerian Naira depreciated further to N410 to the Dollar at the parallel market from N405 it traded for the past two days.This represents a decline by 1.22 percent against the American currency.

Similarly, the Naira lost N5 to the Euro at the same segment of the market this afternoon, exchanging at N430 per Euro against N425 it was sold on Tuesday morning. However, the Naira remained stable at N490 to the Pound Sterling as at the Business Post correspondent sent in this story.

For over a month now, the central bank has made forex available to commercial banks and Bureaux de Change (BDC) operators in the country to meet demands of their customers.

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