The naira on Tuesday depreciated further against the dollar at the parallel market, exchanging at N370 to the dollar.
Naija News reports that the Nigerian currency lost some point from N367 posted on Monday, while the Pound Sterling and the Euro closed at N477 and N432.
At the Bureau De Change (BDC) segment, the naira was sold at N363 to the dollar, while the Pound Sterling and the Euro closed at N476 and N432, respectively.
The naira, however, appreciated at the investors’ window as it closed at 362.50, stronger than N365.68, its opening rate.
Traders said that the demand for foreign exchange outstripped its supply.
Naija News reports that reports that the Central Bank of Nigeria (CBN) is intervening at the foreign exchange market to stabilise the naira.
The naira had rallied around N363 to the dollar for about two weeks until market forces dragged it into depreciation.
Source: Naija News