• Nigerians panic as Naira depreciates three times in six hours

    Nigerians panic as Naira depreciates three times in six hours

    Currency traders on Wednesday in Lagos became apprehensive as the Naira depreciated thrice in six hours at the parallel market

    The traders were meeting in clusters, painstakingly trying to unravel the rationale behind the sudden depreciation of the naira after it had appreciated for about four weeks.

    The Naira exchanged at N467 to the dollar as at 4:30 p.m. after it traded for N455, and N460 in a couple of hours on Wednesday while the Pound Sterling and Euro closed at N560 […]

  • Naira depreciates against dollar at parallel market

    Naira depreciates against dollar at parallel market

    The Naira on Monday depreciated against the dollar at the parallel market, against the expert predictions that it would firm due to forex sales to bureau de change (BDC) operators.

    The currency lost N3 to exchange at N393, from N390 posted on Friday; while it traded at N505 and N435 against the pound and the euro respectively.

    The naira appreciated at the official interbank market to close at N317.34, from N320.25 posted on Friday.

    Traders at the market said that the demand for […]

  • Naira depreciates slightly against dollar

    Naira depreciates slightly against dollar

    The naira, on Friday, depreciated slightly against the dollar at the close of trading at the parallel market. The News Agency of Nigeria (NAN), reports that the nation’s currency lost about N3 to exchange between N342 and N345, from N341 it traded on Wednesday.

    The Nigerian currency also exchanged between N480 and N490; and N380 and N385 against the pound sterling and the euro respectively. Meanwhile, the official rate at the Central Bank of Nigeria (CBN), remained at N197 to a dollar.

    Traders […]