At the parallel market, on Thursday, August 25, the Naira slid to the Dollar to sell at the rate of N405 compared to N400 it was exchanged for on Wednesday, August 24.
The Nigerian currency also weakened to the Pounds Sterling at the parallel market trading at N516 compared to Wednesdays’ selling rate of N512 and remained stable to the Euro at N445.
The volatility at the currency market intensified further as apprehension continued over the banning of some commercial banks from the interbank foreign exchange market.
However, exchange rates from the Central Bank of Nigeria rate for the Naira remained fairly stable to the Dollar, selling at N305 compared to Wednesday’s N305.5.
The Pounds Sterling was sold for N402.2 in contrast to Wednesday’s N404.2, while N344.2 was exchanged for one Euro with little difference from N344.3 it was exchanged for yesterday.
