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Saturday, 20 August 2016 10:02

Naira plummets more against dollar

Written by LEDUM PRINCE
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Nigerian Naira and US Dollar Nigerian Naira and US Dollar Credits: File copy

The Nigerian currency, Naira, on Friday suffered further loss against the dollar at the parallel market as it lost one point to the US currency, the News Agency of Nigeria (NAN) reports.

The naira exchanged at N395 to the dollar from N394 it posted on Thursday, while it traded at N505 and N442 to the Pound Sterling and the Euro, respectively.

At the Bureau De Change (BDC) segment of the market, the currency closed at N395 at the trading, while to the Pound and Euro, it exchanged at N503 and N434, respectively.

However, it strengthened at the official interbank market as it exchanged at N316.55, from N347.13 posted on Thursday.

Despite the develoment, traders at the market expressed hope that the naira would rebound in the coming weeks as banks were ready to sell foreign exchange to BDCs in the coming weeks.

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