Business Naira Depreciates Further at Parallel Market



The Nigerian naira during the weekend fell further against the dollar at the parallel segment of the foreign exchange market.

The currency which started last week at N370 per dollar closed yesterday to N394. This is despite CBN's relentless release of the greenback into the market to boost the naira. Last week the CBN pumped $200 million into the interbank market to meet wholesale forwards demands.

President of the Association of Bureau de Change Operators of Nigeria (ABCON) Aminu Gwadabe said the recent depreciation of the naira at the parallel market is due to renewed activities by speculators in the market.

“The new onslaught on the Naira by speculators and resistance of the banking industry and the CBN status of last minute solution as revealed recently is accounting for the Naira misfortune on the market," he said.


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