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Naira float rising forex reserves, dips 500/$1

naira

By Okoronkwo Chuks

The naira on Friday depreciated further to N500 to a dollar at the parallel market after it had remained stable for nearly three weeks.

Investigation by Nigeria NewsDirect reveals that the pound sterling and the euro traded at N616 and N530 respectively at the open market.

The Nigerian currency, however, remained stable at the Bureau De Change (BDC) segment of the market exchanging at N399 to a dollar, while the pound sterling and euro closed at N617 and N527, respectively.

The Naira also remained stable at the interbank window exchanging at N305.25 to a dollar.

Traders at the market said that the scarcity of the greenback was far from being over.

Nigerian News Direct reports that in spite of the weekly sale of forex to BDCs by the apex bank, the naira could not resist the persuasion to fall.

The parallel market, which was declared illegal by the BDCs, no longer responds to rising foreign exchange reserves, depreciating even as the reserves appreciate. The forex reserves have gained more than $2 billion in 2017, rising to $28.2 billion last week.

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