Friday, 12 August 2016 03:28

Naira weakens to N395/$1 at parallel market

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Nigeria’s currency, naira has weakened further against the American dollar at parallel market. The Naira last week fell to its lowest level since the Central Bank of Nigeria (CBN) introduced a new forex policy in June. The Naira exchanged at 400/$1 in what came as a surprise to many. But even at that, some had expected the Naira to strengthen at the start of the new week.

However, the nation’s currency yet again has shown inconsistency. This follows a report from a Bureau de change operator in Lagos, who disclosed that the local currency has again plummeted as it lost N1 to trade at N395/$1 today, August 11, as against the N394/$1 rate it was on Wednesday, August 10.

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