Naira drops against dollar at parallel market
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Naira drops against dollar at parallel market

- The naira traded for N358.2 to a dollar on Wednesday, March 20, at the parrallel marke

- At the Bereau De Change, the currency traded at N360

The naira on Wednesday, March 20, lost marginally to the dollar at the parallel market in Lagos, exchanging at N358.2 to the dollar, weaker than N358 traded on Tuesday, March 19.

The pound sterling and the euro closed at N472 and N408, respectively.

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At the Bureau De Change (BDC) segment, the naira traded at N360 to the dollar, while the pound sterling and the euro closed at N472 and N408, respectively.

Trading at the investors window saw the naira closing at N360.40 as market turnover stood at 129.18 million dollars.

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Meanwhile, Legit.ng previously reported that a new report by a multi professional service network, Price waterhouse Coopers, popularly known as PwC predicted that the Nigerian currency may drop in value between the range of N390 to N415 to a dollar by 2019.

While predicting that an unpredictable change in the oil market may crash the value of naira to dollar at the foreign exchange floor, PwC, in its report titled "Nigeria Economic Outlook Top 10 themes for 2019" disclosed that foreign market may be stable depending on the global oil value.

According to the report, the foreign reserves may also reduce in 2019 as a result of elections, adding that petrol price may be re-adjusted from N145 per litre based on continuation of fuel subsidy or full deregulation.

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Source: Legit

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