The Naira on Friday
depreciated in most major segments of the foreign exchange market, the News
Agency of Nigeria (NAN) reports.
The Nigerian
currency fell by N2.24 to exchange at N308.69 to the dollar at the interbank
market, from N306.93 recorded on Thursday.
At the Bureau De
Change (BDC) segment of the market, it closed at N420 to the dollar, N550 to
the Pound Sterling and N465 against the Euro.
At the parallel
market, naira lost N2 to close at N425 against the dollar from N423 it traded
on Thursday, while it exchanged at N545 and N470 against the Pound Sterling and
the Euro, respectively.
Traders at the
market said that in spite of the reduction in the rush for the greenback to
meet up school fees payment, the naira continued to depreciate.
They said that the
demand for dollars for importation far outstripped its supply.
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