Thursday, 21 July 2016

Naira depreciates to N375/$ in parallel market

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Naira yesterday suffered heavily at the parallel market depreciating by N7 against the dollar. Vanguard investigation reveals that the parallel market exchange rate rose from N268 per dollar on Tuesday to N375 per dollar at the close of business yesterday. 

The sharp depreciation was triggered by increased scarcity of the nation’s currency in the interbank market. The lack of dollar supply in the interbank market was aggravated by lack of intervention dollar sales by the Central Bank of Nigeria (CBN) causing the naira depreciate by 12 in the market in ten days. 
However the naira appreciated yesterday at the interbank spot market with the interbank exchange rate dropping to N294.23 per dollar from N294.57 on Monday. It was gathered that only one transaction worth $380,000 was transacted yesterday and it was conducted at 11.50 am more than three hours after the market opened.

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