Naira loses more grounds against Dollar at official, parallel markets

The Nigerian naira has continued to depreciate against major currencies, according to recent data from the country’s official and unofficial foreign exchange markets.

At the parallel market, also known as the black market, the naira exchanged at N749/$1 to a US dollar on Thursday, a decline of N3 compared to Wednesday’s rate of N747/$1.

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Similarly, the domestic currency lost N2 against its American counterpart in the Peer-2-peer segment during the session to finish at N766/$1 compared with Wednesday’s rate of N764/$1.

Likewise, in the official market window, the Naira declined by 26 Kobo or 0.06 percent to settle at N461.50/$1, in contrast to Wednesday’s N461.24/$1.

In the interbank segment, the Naira fell against the Pound Sterling on Thursday by 82 Kobo to sell at N568.50/£1 versus its previous rate of N567.68/£1, and against the Euro, it lost N1 to finish at N500.21/€1 compared with the midweek session’s N499.21/€1.