Xpress9ja: Business

Naira depreciates further at parallel market

<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjhoIUAlU_Ow5LdEENvjpGcImqHTHBHCAaCDOKmlLvDpANGh3KM2JHX2KHZHTWVk_B9oVq2_qSo-2sYfPvjVQim0MJflOrovoCaGm7sebTmeIUO7Ss1Nvs7TO_wQ0ANzyQgiUeTY0vxrJk/s1600/kudi.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="287" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjhoIUAlU_Ow5LdEENvjpGcImqHTHBHCAaCDOKmlLvDpANGh3KM2JHX2KHZHTWVk_B9oVq2_qSo-2sYfPvjVQim0MJflOrovoCaGm7sebTmeIUO7Ss1Nvs7TO_wQ0ANzyQgiUeTY0vxrJk/s400/kudi.jpg" width="400" /></a></div>
<br />
<br />
The Naira on Monday further depreciated against the Dollar at the parallel market.<br />
<br />
The Naira lost N1.50 to the Dollar as it was traded at N225.5 to the dollar on Monday afternoon.<br />
<br />
This is against the N224 to the Dollar recorded last Friday.<br />
<br />
Meanwhile, the official interbank rate also dropped by 0.05 to N196.95 to the dollar.<br />
<br />
Traders at the parallel market attributed the depreciation of the Naira at the market to insufficient quantity of Dollars at the market.<br />
<br />
<br />
<br />
(source:PUNCH)</div>