Business

Naira extends decline at parallel market

The naira extended its losses against the dollar at the parallel market yesterday, closing at N532/$1 compared with N530 per dollar on Friday, according to data obtained from abokiFX.com (a website that collates parallel market rates in Lagos).

 

The naira also fell against the Pound Sterling and the Euro yesterday closing at N723/£ and N625/€ respectively compared with N720/£ and N620/€ last Friday 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 at N411.13/$1, naira closed stronger at the Investors and Exporters’ (I&E) window yesterday, compared with N411.82 per dollar earlier in the day.

 

A forex dealer, who spoke on condition of anonymity, attributed naira’s decline at the parallel market to a surge in forex demand in that segment of the forex marke

 

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