Naira Falls As Dollar, Pound & Euro Gain At Parallel Market

After 48 hours of strong resilience at the parallel market, the Naira has again depreciated, despite Central Bank of Nigeria (CBN) steady interference in the market.

LateNightGist.com findings on Thursday, August 3, has shown that the Naira dropped N2 against the green back as it presently exchanges at N365 per Dollar, from the previous rate of N363 per Dollar.

The local currency also lost value against the Pound and Euro, as it again dropped N2 to close the day at N475 and N424 against the Pound and Euro respectively, from the previous rates of N473 and N422.

Nigeria has been battling severe challenges which has seen the country's economy struggle with recession, inflation and dollar shortages.

However, the CBN responded by tightening capital controls as it opted for a system of multiple exchange rates rather than floating the nation's currency.

Also, the apex bank has continued to inject dollar in inter-bank forex market, so as the requests of customers in the various segments of the market can be met.

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