Naira Fell Against Dollar, Pounds

NAIRA on Tuesday further depreciated, hitting N557 to one US dollar at the parallel market.

Although the Naira maintained a steady balance at the official window at N409.51 to N410.50 against the U.S dollar, it lacked stamina in the black market and Bureau De Change (BDC), as it continues to be blown apart.

Quotes by Abokifx.com, showed that the currency fell by 1.3 percent to hit an unprecedented rate of N557.
The BDC selling rate was N555.

This shows a wide gulf of N145 between official and black market rate.

The naira also dipped 1.3 percent against the British pound. One pound now goes for N760 and one Euro N645.

Kayode Shopekan

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