Naira depreciates against Dollar at parallel market

The Naira lost marginally to the dollar at the parallel market in Lagos on Monday, exchanging at N382 to a dollar, lower than N380 to a dollar traded on Friday.

The Pound Sterling and the Euro traded at the parallel market at N622 and N575, respectively.

At the Bureau De Change (BDC) segment, the naira was sold at N386 to a dollar, while the Pound Sterling and the Euro closed at N622 and N575, respectively.

Trading at the Import and Export (I&E) window saw the naira also losing marginally to a dollar as investors bought a dollar at N386 from N385.83 traded on Friday.

Market turnover at the (I&E) window stood at 66.89 million dollars.

As the nation’s economy technically goes into recession, the fate of the naira appeared to hang in a balance in the face of fiscal and monetary policy directives targeted at piloting the economy out of recession.