Naira-dollar. Photo credit score: Guardian Nigeria
The Naira on Monday depreciated against the dollar at the parallel market in Lagos, the NANreviews.
The Nigerian foreign money misplaced 1.1 factors to trade at N362.three, weaker than N361.2 posted on Friday, whereas the Pound Sterling and the Euro closed at N497 and N429, respectively.
At the Bureau De Change (BDC) window, the naira was bought at N362 to the dollar, whereas the Pound Sterling and the Euro closed at N497 and N429, respectively.
Trading at the traders’ window noticed the naira shut at N361.57, whereas it was bought at N305.eight, CBN price.
The naira nonetheless, traded throughout main cities as depicted within the graph under:
Exchange charges throughout main cities in Nigeria
Currency merchants categorical confidence that the naira would witness higher instances because the currency- swap deal between Nigeria and China will get underway.
Meanwhile, specialists are apprehensive that political spending within the months forward may have an effect on the soundness of the naira.