Naira Weakens Further Against Dollar at Parallel Market

By Modupe Gbadeyanka

Pressure on the Naira at the parallel market returned on Tuesday amid the shortage of Dollar in circulation.

At the close of market yesterday, the local currency, which closed at N498 per Dollar on Monday, finished at N499 per Dollar.

The Naira was exchanged for N500 to the Dollar at the end of last Friday, but appreciated by N2 on Monday.

Traders had thought this would continue on Tuesday, but that was never so.

Also on Tuesday, the Naira was exchanged for N612 to the Pound Sterling, while the Euro was traded for N530.

Meanwhile, Business Post reports that as at the time of filing this story on Wednesday morning, the Naira is still being traded at the rate it closed yesterday.