Naira Weakens to N424/$ at Parallel Market

At the parallel market, on Monday, September 5, the Naira slumped against the Dollar, as traders sold at N424 to one Dollar compared with N421 it was sold for Friday, September 2.
The Nigerian currency also dropped against the Pounds Sterling to sell at N545 against previous day’s rate of N542 while N465 was exchanged for one Euro in contrast to N462 it was exchanged for last Friday.

The Naira on Friday, September 2, had gained some points against the American dollar at the parallel foreign exchange(forex) market, but lost some grounds to the greenback at the interbank market.

The local currency was exchanged at a rate of N422 to a dollar, helping it to score 3 points from the N425 it was exchanged with a dollar on Thursday, September 1. The British Pound sterling and a Euro were bought for N535 and N464 respectively.