Naira depreciates at parallel market

The Nigerian Naira, on Thursday, August 3, depreciated against the United States Dollar at the parallel segment of the Nigerian foreign exchange market.

After firming up to the rate of N363, the Naira shed two points on Thursday against the Greenback to close at the rate of N365.

This fall is coming despite the intervention of the Central Bank of Nigeria, CBN, intervention in the forex market.

Against the British Pound Sterling it also dropped two points to close at the rate of N475 at the black market and closed at the rate N424 against the European single currency, Euro.

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Local currency depreciated against the Pound and Euro, as it again dropped N2 to close the day at N475 and N424 against the Pound and Euro respectively, from the previous rates of N473 and N422

The Nigerian Naira, had on Wednesday, August 2, gained traction against the United States of America Dollar at the parallel segment of the Nigerian Foreign exchange market.

Meanwhile, at the official interbank or spot FX segment of the currency market, the naira strengthened to N355.55 against the Dollar, N475.94 against the Pound and N430.23 against the Euro.