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Author Topic: Nigeria Naira drops further to 385 against the dollar  (Read 354 times)

Offline mastercode (OP)

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Nigeria Naira drops further to 385 against the dollar
« on: February 18, 2016, 01:20:57 AM »
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The naira on Wednesday dropped further to N385 per dollar in the parallel market as demand for foreign exchange intensified in the market.

This development shows that the naira has depreciated by N60 against the dollar this week in the parallel market, when compared with the closing exchange rate of N325 per dollar Friday last week.


The currency, however, remained stable at the official interbank foreign exchange market as the interbank rate closed N199.34.

Thus the gap between the interbank and parallel market rates widened to N185.66 per dollar from N127.53 Friday last week.


 

 

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