Naira continues drop against dollar

The Naira, on Wednesday, maintained its loss against the dollar at the parallel market, the News Agency of Nigeria (NAN), reports.

The Nigerian currency, which lost three points on Tuesday to exchange at N368 from N365 on Monday, also traded at N368 to the dollar on Wednesday afternoon.

The naira also maintained N478 to the Pound Sterling it posted on Tuesday, but weakened further against the Euro as it traded at N402 to a Euro, from N400 it exchanged on Tuesday.

At the Bureau de Change segment of the market, the naira exchange at N370, N485 and N405 against the dollar, Pound Sterling and the Euro, from N366, N470 and N399 it traded respectively on Tuesday.

Traders at the market said that the fall was as a result of shortage of foreign currency which could not meet up local demand.

They expressed worry that the impact of the flexible forex policy is yet to be felt as the naira continues to depreciate in virtually all segments of the market.

They noted that over 21 billion dollars remittance from the diaspora to the economy at the end of 2015 could not salvage the dollar scarcity.

(NAN)

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