The Nigerian Naira, on Monday, July 24, has depreciated against the United States of America at the parallel segment of the Nigerian foreign exchange market.
The local currency, which traded at the rate of N366, on Friday, July 21, shed one point against the greenback at the black market as trading for the new week commenced on Monday.The Naira traded at the rate of N367/dollar.
Against the British Pound Sterling at the Parallel Market, the local currency also dropped 3 points to trade at the rate of N475 from N472 per Pound last week.
The Naira, however maintained the rate of N420, against the European Single Currency, Euro,same rate it traded against the Euro last week.
The fall in the value of the naira at the black market is coming just after the Central Bank of Nigeria, CBN, injected $195 million last week in the forex market.
Since February 2017, the apex has injected at least $8 billion into the foreign exchange market to ensure stability against major counterparts at the currency market.
