Nigerian currency drops against Dollar at parallel market

Naira 

Nigerian currency drops against Dollar at parallel market The naira lost N1 on Friday afternoon, from the N320.5 to a dollar it traded on Wednesday. 

A bureau de change operator counts U.S. currency notes in Abuja, March 12, 2015. In Nigeria, holding naira has become increasingly unpopular as it has lost its value. Basic everyday goods can still be paid for in the local currency but many items are scarce and Nigerians need U.S. dollars for imports such as drugs or fabrics sold by small-time traders, to send money to relatives abroad or to purchase western clothes that are important status symbols. Faced with a massive drop in oil revenues and declining reserves, Nigeria's central bank devalued the naira and then imposed rules restricting access to dollars to all but importing companies to curb what it termed "speculation". Picture taken March 12, 2015. REUTERS/Afolabi Sotunde (NIGERIA - Tags: BUSINESS POLITICS) 

The Naira on Friday, April 29, depreciated further, exchanging at N321.5 to the dollar at the parallel market. 

NAN reports that the naira lost N1 on Friday afternoon, from the N320.5 to a dollar it traded on Wednesday. 

 However, it traded against the Pound Sterling and the Euro at N460 and N463. It had previously exchanged at N457 and N361 respectively on Wednesday. Meanwhile, the Nigerian currency maintained N197 to the greenback at the official Central Bank of Nigeria (CBN) rate. 

 Traders at the market noted that in spite of the appreciation in the price of oil at the international market, the naira continued to fall. 

They, however, said that a sustained rise in the price of oil would shore up the value of the naira at the market.