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

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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 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).

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