By Dipo Olowookere
The weakening of the Naira continued on Thursday when it closed at N516 against the Dollar at the parallel market.
The local currency had opened for the day at N510 per Dollar on Thursday morning and remained stable till afternoon before plunging to the new all-time low of N516 to the Dollar in the evening.
Since the beginning of this week, the Naira has continued to hit new all-time lows.
On Monday, the Nigerian currency hit a new low of N506 from N503 it traded last Friday, while on Tuesday, it closed at N507 and on Wednesday, it finished at N510 to the Dollar.
Also at the parallel market today, the Naira was exchanged for N630 to the Pound Sterling from N625 it traded yesterday, while the Euro was sold for N538 compared with N530 it went for on Wednesday.
However at the official interbank segment of the market, the Naira was traded at N305.50k to the Dollar, while the Pound Sterling was sold for N381.84k and the Euro for N324.87k.
Business Post reports that the Naira has continued to be under pressure due to shortage in the supply of Dollar in the foreign exchange market.
