Lagos—The Naira, yesterday,
depreciated slightly against the
Dollar at the parallel market,
dropping by N2.The currency
traded N222, N350 and N256
against the Dollar, Pounds and
Euro, respectively.
On Monday and Tuesday, it
traded at N220, N345 and N252
against the Dollar, Pounds and
Euro respectively.Naira-Dollar
However, the official interbank
rate remained at N197 to the
Dollar.Mr. Harrison Owoh, a
bureau de change operator, said
in Lagos that the Naira’s drop in
value was connected to Central
Bank of Nigeria, CBN’s failure to
sell enough foreign currencies.
He said that parallel market
operators had expected the apex
bank to sell more foreign
currencies before the Eid el-Kabir
break.Owoh said that the
currency may depreciate further
due to the long break associated
with Muslims’ celebration.
Solowizzy reporting for GLi
