Naira Hits 500/Dollar, Faces Further Decline
The naira has depreciated further against the United States dollar at the parallel market to 500, from 498.
The development came barely one week after the naira touched 500/dollar briefly and returned to 498/dollar.
The local currency had been stable against the greenback for about three weeks.
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The Nigerian currency, however, remained stable at the Bureau De Change segment of the market exchanging at N399/dollar, while the pound sterling and euro closed at N617 and N527, respectively, the News Agency of Nigeria reported.
The CBN had two weeks ago commenced sales of dollars to the BDC operators through Travelex, following a three-week break during the Christmas and New Year celebrations.
On Friday, the naira closed at 498/dollar at the black market, broadly unchanged from 497/dollar it recorded the previous weekend.
NAN
