Naira depreciates further at Parallel Exchange Market

The Naira dipped further on Thursday at the parallel market against the dollar as it lost N6 from N562 traded on Wednesday to exchange at N568 to the dollar while the Pound Sterling and the Euro closed at N774 and N660, respectively.

Trading at the official Investors and Exporters window saw the Naira closing at N410 to the dollar as at Wednesday, while the Pound Sterling and the Euro closed at N567.67 and N485.53, respectively.

Data from the CBN also showed the Naira exchanged at 0.739 Kobo to the CFA.

While the CBN is working hard to reduce inflation, experts believe a lot needs to be done in the management of the exchange rate.

The CBN had a few months ago stopped the sale of FOREX to the Bureau De Change sector of the market, citing regulatory infractions by some currency traders.

However, the impact of the ban is far from strengthening the naira against the dollar in the parallel market as it continues the exchange rates continue to soar, while the Naira depreciates in value.

NAN/Hauwa Abu