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LequteMan
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The Nigerian naira on Tuesday depreciated further against the dollar at the parallel market, exchanging at N368/$. The previous day, it traded at N365 per dollar.
The currency also depreciated to N294.25/$ officially as foreign portfolio investors shunned the market and liquidity problem continued to trouble it.
IMF's recent prediction that the Nigerian economy will contract further in the near future, also played a role in the depreciation.
Read: IMF Downgrades Nigeria's 2016 Economic Growth to -1.8%, Forecasts Recession
The currency also depreciated to N294.25/$ officially as foreign portfolio investors shunned the market and liquidity problem continued to trouble it.
IMF's recent prediction that the Nigerian economy will contract further in the near future, also played a role in the depreciation.
Read: IMF Downgrades Nigeria's 2016 Economic Growth to -1.8%, Forecasts Recession
