Naira Depreciates Against Pound, Euro at Black Market

By Modupe Gbadeyanka

The Nigerian currency opened the week on a weak note on Monday, depreciating against both the Pound and Euro at the parallel segment of the foreign exchange market.

This came on the back of the weekly intervention of the Central Bank of Nigeria (CBN) in the forex market.

Despite the injection of forex by the apex bank into the market, the local currency performed woefully against the major foreign currencies at the forex market.

At the close of transactions on Monday, the Naira, which sold for N475 per Pound last Friday, was traded at N477 to the Pound, indication a loss of N2 against the British currency.

Also, the local currency, which was exchanged at N425 to a Euro last Friday, went for N427 at the close of business today.

However, Business Post observed that the Naira remained flat at N364 against the Dollar, though after first depreciating by N1 in the afternoon at the black market before trading later in the evening at the rate it was exchanged last Friday, N364 per Dollar.