28 Nov 2015

KINGSLEY IGWE

Naira Depreciates Barely 48 Hours After It Strengthened Against The Dollar



The naira on Friday depreciated at the parallel market barely 48 hours after it strengthened against the dollar.

The News Agency of Nigeria (NAN) reports that the naira lost N2 to exchange at N242 to the dollar, as against its previous value of N240.

Meanwhile, the official inter-bank rate remained at N197 to the dollar.

Traders at the market said that in spite of the biweekly sale of forex to Bureaux de Change (BDC’s), the currency of the biggest economy in Africa continued to slide.

They attributed the development to the difficulty encountered by some BDC operators in disposing their forex due to the apex banks regulation on forex sales.

KINGSLEY IGWE

About KINGSLEY IGWE -

I've even gone so far as to verbalize it specifically, time is too precious to waste on trivial arguments and negativities. I'd rather get on to the more fun and rewarding stuff right away!

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