Naira Depreciates: N281.5 to a Dollar


Category: Business News

The Naira depreciated in interbank and parallel segments of the foreign exchange market yesterday.

At the interbank market, the naira depreciated marginally by 35 kobo as the interbank exchange rate for spot transactions rose to N281.49 per dollar from N281.14 per dollar.

But at the parallel market, the naira depreciated by N10 or 3.2 percent as the parallel exchange rate rose sharply to N351 per dollar from N340 per dollar on Monday.


he naira depreciated in interbank and parallel segments of the foreign exchange market yesterday. At the interbank market, the naira depreciated marginally by 35 kobo as the interbank exchange rate for spot transactions rose to N281.49 per dollar from N281.14 per dollar. But at the parallel market, the naira depreciated by N10 or 3.2 percent as the parallel exchange rate rose sharply to N351 per dollar from N340 per dollar on Monday. A bureau de change operator, who spoke on condition of anonymity, said the sharp depreciation was due to resurgence of demand for dollars, while supply has declined.
Last week, the naira appreciated significantly in the parallel market due to panic selling of dollars which boosted supply. The BDC source, however, said the appreciation was due to panic reaction to the commencement of the revived interbank foreign exchange market under the new flexible foreign exchange policy introduced by the CBN two weeks ago.

Read more at: http://www.vanguardngr.com/2016/06/late-publication-accounts-cbn-sack-banks-ceos-chairmen/
he naira depreciated in interbank and parallel segments of the foreign exchange market yesterday. At the interbank market, the naira depreciated marginally by 35 kobo as the interbank exchange rate for spot transactions rose to N281.49 per dollar from N281.14 per dollar. But at the parallel market, the naira depreciated by N10 or 3.2 percent as the parallel exchange rate rose sharply to N351 per dollar from N340 per dollar on Monday. A bureau de change operator, who spoke on condition of anonymity, said the sharp depreciation was due to resurgence of demand for dollars, while supply has declined. Last week, the naira appreciated significantly in the parallel market due to panic selling of dollars which boosted supply. The BDC source, however, said the appreciation was due to panic reaction to the commencement of the revived interbank foreign exchange market under the new flexible foreign exchange policy introduced by the CBN two weeks ago.

Read more at: http://www.vanguardngr.com/2016/06/late-publication-accounts-cbn-sack-banks-ceos-chairmen/
A bureau de change operator, who spoke on condition of anonymity, said the sharp depreciation was due to resurgence of demand for dollars, while supply has declined.

Last week, the naira appreciated significantly in the parallel market due to panic selling of dollars which boosted supply. The BDC source, however, said the appreciation was due to panic reaction to the commencement of the revived interbank foreign exchange market under the new flexible foreign exchange policy introduced by the CBN two weeks ago.

Vanguard

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