Breaking News
Translate

Naira depreciation continues, falls to N473/$ in parallel market

Kindly Share This Story:

Naira depreciation continues, falls to N473/$ in parallel market
By Babajide Komolafe

The Naira depreciated further to N473 per dollar in early morning trades in the Lagos segment of the parallel market, according to naijabdcs.com platform of the Association of Bureaux De Change Operators of Nigeria (ABCON).

This represents 50 kobo loss when compared to the closing rate of N472 per dollar yesterday.

Cumulatively, the naira has lost 30 percent of its value to the U.S dollars since December 31st when the parallel market rate stood at N362 per dollar.

Analysts expects the naira to depreciate further as dollar scarcity intensifies due to the four months suspension of dollar sales to bureaux de change (BDC) operators by the Central Bank of Nigeria (CBN).

Kindly Share This Story:
All rights reserved. This material and any other digital content on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from VANGUARD NEWS.

Disclaimer

Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.
Do NOT follow this link or you will be banned from the site!