Naira hits 500/dollar, faces further decline

Image result for Naira hits 500/dollar, faces further declineThe naira has depreciated further against the United States dollar at the parallel market to 500, from 498.

The development came barely one week after the naira touched 500/dollar briefly and returned to 498/dollar.

The local currency had been stable against the greenback for about three weeks.

The Nigerian currency, however, remained stable at the Bureau De Change segment of the market exchanging at N399/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.

Reports indicate that in spite of the weekly sale of forex to BDCs by the apex bank, the naira could not resist the temptation to fall.

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