The Naira on Wednesday depreciated slightly, exchanging at N320.5 to the dollar at the parallel market.
The News Agency of Nigeria (NAN) reports that the naira lost 50 kobo on Wednesday afternoon, from N320 it traded on Monday.
However, the naira
traded against the Pound Sterling and the Euro at N457 and N361 respectively,
weakening further against the Pound.
Meanwhile, the
Nigerian currency maintained N197 to the dollar at the official Central Bank of
Nigeria (CBN’s) rate.
Traders at the market
complained of low activities but however, expressed delight at the efforts by
the executive and the legislature to resolve issues surrounding the 2016
budget.
Industry watchers had
also said that with the appreciation of oil at the international market, the
nation’s revenue would increase and the naira would he strengthened.
NAN reports that crude
oil was sold at about 47 dollars per barrel at the close of trading on
Wednesday.
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