Tuesday, November 5, 2024

Naira drops to six-month low at parallel market

The currency declined significantly after holding against the dollar for weeks.

The naira fell to N780 a dollar at the parallel market on Friday, trading at its lowest rate in at least nearly seven months.

The currency declined N25 or 3.3% from N755 it traded a week ago and 5.4% since the beginning of the month when it traded at N740.

It is the lowest the currency has traded since November 2022.

At the official market on Thursday, the currency also fell 0.07% to N463.67 from Wednesday.

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The naira held against foreign currencies for weeks as traders showed caution ahead of the inauguration of a new government on Monday, May 29.

It sold at the black market mainly between 730 and 740 during those weeks.

Currency traders in Abuja told Pluboard on Friday that the currency depreciated as a result of high demand for the dollars by importers and people planning for the holidays as the summer approaches.

It also fell to N815 (0.61%) against the Euro and N960 (1.3%) against the British Pounds.


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