Naira Falls to N500 Per Dollar at Parallel Market

500 and 1000 naira bills (Nigerian currency)500 and 1000 naira bills (Nigerian currency)
  • Naira Falls to N500 Per Dollar at Parallel Market

The Naira on Friday depreciated further to N500 to a dollar at the parallel market after it had remained stable for nearly three weeks.

The Pound Sterling and the Euro traded at N616 and N530 respectively at the open market.

The Nigerian currency, however, remained stable at the Bureau De Change segment of the market exchanging at N399 to a dollar, while the Pound Sterling and the Euro closed at N617 and N527, respectively.

The Naira also remained stable at the interbank window exchanging at N305.25 to a dollar.

Traders at the market said that the scarcity of the greenback was far from being over.

In spite of the weekly sale of forex to BDCs by the apex bank, the Naira could not resist the temptation to fall.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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