Naira Dips Further Against Dollar

The Naira on Friday suffered further loss against the dollar at the parallel market as it lost one point to the US currency, the News Agency of Nigeria reports.

Naira continues to dip against dollar in the market.
Naira continues to dip against dollar in the market.

The naira exchanged at N395 to the dollar from N394 it posted on Thursday, while it traded at N505 and N442 to the Pound Sterling and the Euro respectively.

At the Bureau De Change segment of the market, the currency closed at N395 at the trading, while to the Pound and Euro, it exchanged at N503 and N434, respectively.

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However, it strengthened at the official interbank market as it exchanged at N316.55, from N347.13 posted on Thursday.

Traders at the market expressed hope that the naira would rebound in the coming weeks as banks were ready to sell foreign exchange to BDCs in the coming weeks.

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Chukwuyem Ogala is a content writer at Edliner. A multifaceted personality with a degree in Economics. He has a strong passion for Rap music and sports. A big fan of the NBA, likes Rafael Nadal and has a crush on Serena Williams. Chuks just strives to be better and wants to be heard globally.

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