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Naira depreciates further at parallel market to N506/$

naira

The naira at foreign exchange market depreciated further to N506/$ over speculative trading.

As at the time of writing this report, naira at the parallel market fell by 1.2 per cent week-on-week (w/w) to berth at N506/$.

The Naira also shed 0.3 per cent and 0.2per cent against the Pound and the Euro to settle at N617 and N531 respectively.

Experts said foreign exchange market tends to remain pressured in the near term, as supply-demand imbalance persists.

However, the Naira recorded a marginal gain of 0.08 per cent w/w gain against the Dollar to end the week at N305 level.

It equally advanced by 0.96per cent and 0.72per cent against the Pound and Euro at the end of today’s trading to end the week at N391.12 and N333.24 respectively.

The bond market ended the week on a bullish note, as yields trended south across all tenors.

Overall, yields on the 5yr, 7yr and 10yr benchmark bonds contracted by three basis points, nine basis points and eight basis points to berth at 16.19per cent, 16.16per cent and 16.72per cent respectively.

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