Naira depreciates marginally against dollar

The Naira on Thursday depreciated marginally against the dollar at the parallel market, exchanging at N365.5 to the dollar.

The News Agency of Nigeria (NAN) reports that the Nigerian currency lost 50 kobo from N365 posted on Wednesday, while the Pound Sterling and the Euro closed at N487 and N436.

At the Bureau De Change (BDC) window, the Naira traded at N362 to the dollar, while the Pound Sterling and the Euro closed at N487 and N436.

Trading at the investors’ window saw the Nigerian currency closing at N360.33 to the dollar.

Traders said high demand for the Naira led to its slight depreciation at the market.

The Naira remained stable for more than five months, exchanging at N365 to the dollar.

The rise in the nation’s external reserve made the CBN comfortable in its aggressive interventions at the foreign exchange market.