Naira depreciates further, moves closer N500/$ at black market

The Naira has further depreciated against the US Dollar, depreciating between 0.2 to 0.6 per cent in various markets where it was traded.

The Nigerian currency fell 0.6 per cent at the parallel market, also known as the Black Market to sell at N498 to the U.S. dollar.

It also fell 0.3 per cent at FX Market, where it traded N411.02 against the U.S. Dollar.

However, the Nigerian money was stable at the CBN exchange window where it was offered for N410. The naira also lost 0.2 per cent against the Euro at the parallel market to sell at N598.

READ ALSO: FG offers health workers enhanced hazard allowance, says Ngige

In the CBN rate, the Naira depreciated by 0.4 per cent. It is now sold at N500.2.

Although the naira rate for pound sterling did not change at N700 when buying the euro and N693 to sell it.

The declining rate of the Naira continued to underscore the stunted foreign reserve, which is yet to rise above the $34 billion range.

The CBN has launched several initiatives to pump more dollars into the economy.