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Thursday, January 21, 2021
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Naira Falls to N484/$1 at Parallel Markets

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Nigeria’s local currency the naira shed some value against the United States Dollar on Friday after it fell to N484 against the greenback in unofficial parallel markets as the annual demand for hard currency in the festive season put a strain on the beleaguered naira.

The naira has lost N14 or 3.0 per cent against the greenback at the black market after it opened the week at N470/41.

On Monday, it depreciated to N475/$1 and closed flat on Tuesday before falling to N478/$1 on Wednesday. It crashed to N480/$1 on Thursday before falling further to N484/$1 yesterday.

At the Investors and Exporters (I&E) window, the local currency depreciated at the against the Dollar by 33 kobo or 0.09 per cent to close at N385.83/$1 in contrast to N385.50/$1 it finished the previous day.

At the Bureaux De Change (BDCs) segment, the Naira/Dollar exchange rate stood at N386/$1, while at the interbank segment, the Naira to Dollar rate remained at N379/$1.

The depreciation of the Naira came despite the decline in the demand for the US dollar at the market segment by 67.5 per cent or $138.95 million.

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