Business Naira Loses 1.8% To 390 Per Dollar At Parallel Market



Nigerian naira on Friday closed bearish for the third time in a row since the Central Bank of Nigeria, CBN, pegged forex rate for the Bureau De Change operators nationwide.

The currency dropped by 1.79 per cent to close at 390 against the United States dollar.

It also depreciated against the Pound sterling and Euro to close at 475 and 410 respectively.

At the official market segment, it closed 306.35 to a dollar.

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Meanwhile, Nigeria's foreign reserves fell to a two-week low of $30.29 billion on March 29, the Central Bank of Nigeria (CBN) data showed on Friday.

This development is coming over CBN continued intervention on the currency market in March to support the ailing naira after it effectively devalued it in a bid to narrow the spread with the black market rate.