Naira depreciates slightly against Dollar at parallel market

Naira depreciates slightly against Dollar at parallel market

- The Naira has depreciated against Dollar but stayed unchanged against Pound and Euro at parallel market

- Trading at the parallel market saw the Naira close at N363/$1 today, May, 18

- The Pound Sterling and the Euro closed at N496 and N429 respectively

The Naira on Friday, May 18, depreciated against the dollar at the parallel market in Lagos, the News Agency of Nigeria (NAN) reports.

The Nigerian currency lost one point to exchange at N363, weaker than N362 posted on Thursday, while the Pound Sterling and the Euro closed at N496 and N429, respectively.

At the Bureau De Change segment, the naira closed at N361.50 to the dollar, while it exchanged at N502 and N428 to the Pound Sterling and Euro, respectively.

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Trading at the investors’ window showed that the naira closed at N360.85 and had a turnover of 202.47 in transaction.

At the official CBN window, the currency closed at N305.85 to the dollar, and at N412.6 and N360.4 to the Pound Sterling and the Euro.

Currency traders said that though the naira depreciated marginally, it had remained stable at the foreign exchange market.

In a previous report by Legit.ng, the Nigerian Naira on Thursday, May 17, retained its strengthened rate at the parallel market against Dollar and Pound.

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According to Legit.ng findings, the local currency maintained the same rates of N363 against Dollar, N500 against Pound at the parallel market as it was yesterday, May 16 but appreciated against the Euro to N428.

Can 1 Naira ever become 1 US dollar again on the Forex market? - on Legit.ng TV.

Source: Legit.ng

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