THE NAIRA DEPRECIATED FURTHER AGAINST OTHER CURRENCIES

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[dropcap type=”3″]T[/dropcap]he Naira depreciated further against the pound sterling and the Euro at the official and black market ends of the foreign exchange market yesterday.

The Nigerian currency, however, remained stable against the Dollar at the official market, but in the black markets it depreciated a bit.

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The naira further moved northward against the Pound Sterling yesterday at the official market as it hit N245.28 against Monday’s N244.9.

It also depreciated further against the Pound at N285 at the Bureau de Change and the black market from N280 on Monday, losing N5.

The Naira also went down against the euro to N196 to the euro at the official market, against N195 on Monday.

The Naira, however, remained stable against the dollar at the official market yesterday, selling at N156.59 to the dollars, the same point it was on Monday.

But at the black market, many operators put the naira rate against dollar at N175, though an operator in Abuja put it N170 while another put it at N173

A currency trader, Usman Sise, attributed the Naira’s depreciation to the political situation in the country and the crash in crude oil prices at the international market.

Sise, the Managing Director, Al-Nasara Nigeria Limited, said the anxiety generated by the fall in oil price might be responsible for the continued nose-diving of the Naira.

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