The naira on Tuesday, November 22, shed N5 to exchange at N470 against the dollar, at the parallel market.
On the other hand, the local currency traded at N565 against the British Pound Sterling, while the naira exchanged at N495 to the Euro.
The Nigerian currency weakened against the dollar just few hours after the Central Bank of Nigeria, CBN, maintained its benchmark interest rate and endorsed the crackdown on parallel market traders by security operatives.
The apex bank Governor, Godwin Emefiele, revealed this while addressing newsmen at the end of its Monetary Policy Committee (MPC) meeting in Abuja on Tuesday.
Emefiele said the foreign exchange regulation in the country forbids trafficking in currency. He said that the SSS had the right to enforce the law and make sure that currency hawkers were forced out of the “illegal trade.’’
Meanwhile, the naira remained static at the interbank or Spot FX market,exchanging for N305.00 to a dollar.
