The Naira has depreciated further at the parallel market amid expectations of an intervention by the apex bank in the foreign exchange market the News Agency of Nigeria (NAN) reports.
Currency sells at N310 to dollar at parallel market
The Naira on Friday afternoon exchanged for N310 to the dollar from N307 it traded for previously with a depreciation of 1 per cent.
A trader changes dollars with naira at a currency exchange store in Lagos February 12, 2015. REUTERS/Joe Penney
It, however, maintained N197 to the dollar at the official Central Bank of Nigeria’s (CBN) window.
Traders at the market said the demand for the greenback had forced it to fall further in value in spite of insinuations of an intervention at the foreign exchange market by the CBN.
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