The naira lost
three points at the parallel market to exchange at N510 on Wednesday after
closing at N507 on Tuesday.
The pound sterling and the euro exchanged at N625
and N535 respectively.
Trading at the bureau de change (BDC) window saw
the naira close at N399 to a dollar, while the pound sterling and the euro
traded at N626 and N537, respectively.
At the interbank window, the naira traded at
N305.50 to the dollar.
Traders at the market attributed the current
onslaught on the naira to activities of speculators and currency hoarders.
The Nigerian currency has continued to depreciate
at the parallel market in spite of the steady rise in the nation’s foreign
reserves.
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