NAIRA DEPRECIATES AT PARALLEL MARKET

Prior to the Sallah holidays, the Central Bank of Nigeria did not supply the market enough dollars and this led to market forces (demand & supply) taking over thus bringing down the value of the naira by N2 yesterday at the parallel market The naira traded N222/$1, against N220/$1 a few days earlier.At the interbank market however, the rate stabilised at N197/ $1. BDC operators opined that the situation may worsen during the Sallah break.