- The Naira maintains the same rate against Dollar at parallel market
- The local currency also retained its rate against Pound and Euro
- The Naira closed at N361 to a Dollar, N418 to Euro while the Pound traded at N480
The Nigerian Naira on Tuesday, July 10, retained its rate at the parallel market against Dollar.
The local currency maintained the same rates of N361 against Dollar, N418 to Euro and N480 to Pound as it was on Monday, July 9. The naira has remained stable across the foreign exchange market due to the intervention of the CBN.
Meanwhile, analysts at FSDH Merchant Bank Limited have said that Nigeria cannot afford another level of devaluation of the currency, saying this will worsen the nation’s debt position, The Punch reports.
The total public debt increased to N22.71tn in the first quarter of 2018 from N12.60tn in the fourth quarter of 2015, according to the Debt Management Office.
In its latest monthly economic and financial markets outlook, FSDH research, noted that the growth in the debts stock was mainly driven by external debts and was accelerated by the devaluation of the naira.