Naira Weakens to N377/Dollar At Parallel Market

The value of the naira on Thursday, July 21, slid as it exchanged at N377 to dollar in the parallel market, weaker than N373 on Wednesday, July 20.

At the interbank rate, the currency traded at N309 to dollar at noon, but later recovered to close at 292.40 on thin trades. The interbank market traded a total of $7.27 million.

The naira fell to an all-time low on dollar supply shortages, as the Central Bank of Nigeria, CBN, failed to intervene in the market.

Traders were expecting the central bank to intervene to ease dollar shortages, but that was not the case. According to them, the apex bank has not intervened for most of this week. Instead it was mopping up naira liquidity to support the currency.