Wednesday, June 23, 2021

Naira weakens to 490 to 1 dollar at parallel market

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tiamin rice

The naira has weakened to N490 to a dollar on Wednesday at the parallel market.

The currency had appreciated to N485 to a dollar during the Christmas break. 

The naira lost 5 points, representing a depreciation of 1.03 per cent, while the pound sterling and the euro closed at N590 and 502, respectively.

At the Bureau De Change, BDC, Window, the naira traded at N399 to a dollar, CBN controlled rate, while the pound sterling and the euro closed at N602 and N510, respectively. 
The naira traded at N305.25 to a dollar at the official interbank market.
Traders at the market said that the scarcity of forex was still exerting pressures on the naira.

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