The
naira, yesterday, suffered its biggest daily depreciation against
the dollar as it exchanged for N345 to a dollar in the parallel
market.
This represents N20 depreciation when compared with the closing exchange rate
of N325 per dollar in the market on Friday. But the naira was relatively stable
at the official interbank foreign exchange market as the interbank rate stood
at N197.47 per dollar at the close of business, yesterday.
The
naira also depreciated by N45 against the British pound as the parallel market
exchange rate rose to N485 per pound, yesterday, from N340 on Friday.
Bureaux
de Change sources, who confirmed the development to Vanguard, attributed the
sharp depreciation to persistent scarcity of the dollar and pound sterling in
the market.
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