Naira Depreciates Further to N410/$ at Black Market

By Modupe Gbadeyanka

Despite efforts of the Central Bank of Nigeria (CBN) in giving life to the Naira at the foreign exchange market, the local currency has continued to suffer losses against the Dollar at the parallel market.

On Tuesday afternoon, the Nigerian Naira depreciated further to N410 to the Dollar at the parallel market from N405 it traded for the past two days

This represents a decline by 1.22 percent against the American currency.

Similarly, the Naira lost N5 to the Euro at the same segment of the market this afternoon, exchanging at N430 per Euro against N425 it was sold on Tuesday morning.

However, the Naira remained stable at N490 to the Pound Sterling as at the Business Post correspondent sent in this story.

For over a month now, the central bank has made forex available to commercial banks and Bureaux de Change (BDC) operators in the country to meet demands of their customers.

On Monday, the apex bank insisted that it would sustain its intervention.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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