Naira Depreciates Further, Now N458/$

By Modupe Gbadeyanka

The Naira declined further at the parallel market on Thursday afternoon despite the release of more Dollars to the foreign exchange market by the Central Bank of Nigeria (CBN).

Since early this week, the Naira has been recording losses against the Dollar at the parallel market.

As at Thursday afternoon, while filing this report by Business Post correspondent, the local currency was exchanging for N458 to the Dollar in contrast to N450 it was traded this morning at the same market.

It was a similar situation with the Naira against the two other major foreign currencies; the Pound Sterling and the Euro.

While the Naira was traded at N530 to the Pound Sterling this afternoon compared with N525 it was sold in the morning, it went for N475 per Euro against N460 it opened with.

However, the Naira remained stable at N305.50k at the interbank market, while it lost 61k against the Pound Sterling to trade at N379.83k and fell by 43k against the Euro to exchange at N323.86k.