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Naira drops to N535/$1 at parallel market

The local currency, naira, weakened further against the dollar at the parallel market yesterday, closing at N535/$1 compared with N532 per dollar on Monday, according to data obtained from abokiFX. com (a website that collates parallel market rates in Lagos). Naira also fell against Pound Sterling and the Euro yesterday closing at N730/£ and N629/€ respectively, compared with N727/£ and N626/€ on Tuesday, according to abokiFX.com.

The local currency had dropped to a record low of N527/$1 at the parallel market last Monday, but appreciated to N526 per dollar on the following day. It, however, resumed its decline last Wednesday, dropping to a new record low of N528 per dollar. Data obtained from FMDQ however showed that closing at N411.50/$1, the naira strengthened at the Investors and Exporters’ (I&E) window yesterday, compared with N411.58 per dollar earlier in the day.

 

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