• Naira suffers further loss against the dollar at parallel market

    Naira suffers further loss against the dollar at parallel market

    Amidst lingering dispute between Central Bank of Nigeria, CBN, and eight banks banned from participating in the inter-bank foreign exchange market, the local currency, Naira, has suffered further bashing, depreciating to N415/ USD1 yesterday in the parallel market, bringing total weekly loss to N20 per dollar. But the inter-bank market registered moderate stability as mid-day trading rate hovered at N315/ USD1 after depreciating to N316.

    The developments were coming against the inability of eight out of the nine banks banned from […]