Naira Weakens Against Dollar At N380

The Naira on Monday, August 1, extended loss at the parallel market as it depreciated further against the dollar exchanged at N380 to the dollar.
This was in contrast to N378 it traded on Friday, July 29,while it exchanged against the Pound Sterling and the Euro at N495 and N415, respectively.
At the Bureau De Change segment of the currency market, the  naira exchanged at N378 for the dollar, N490 for the Pound and N413 against the Euro. It, however, appreciated at the interbank segment as it closed at N316.37 from N319.70 it posted on Friday.

Meanwhile, traders at the market said that the scarcity of the greenback was stifling activities at the market. They implored the Central Bank of Nigeria (CBN) to intervene in the foreign exchange market to ensure greater stability of the naira.

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