The Nigerian currency fell 0.6 per cent at the parallel
market, also known as the Black Market to sell at N498 to the U.S. dollar.
It also fell 0.3 per cent at FX Market, where it traded
N411.02 against the U.S. Dollar.
However, the Nigerian money was stable at the CBN exchange
window where it was offered for N410.
The naira also lost 0.2 per cent against the Euro at the
parallel market to sell at N598.
In the CBN rate, the Naira depreciated by 0.4 per cent. It
is now sold at N500.2.
Although the naira rate for pound sterling did not change at
N700 when buying the euro and N693 to sell it.
The declining rate of the Naira continued to underscore the
stunted foreign reserve, which is yet to rise above the $34 billion range.
The CBN has launched several initiatives to pump more
dollars into the economy.
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