Naira Depreciates Against The US Dollars

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The naira may depreciate against the United States dollar at the parallel market on dollar shortage next week.

The CBN has been intervening in the forex market in recent times, but not as frequent and heavy as it was some months back.

The local currency has been trading flat on the parallel market at 365/dollar since the being of the week. The local currency closed at 365/dollar on Thursday. The value of Naira lost by 0.27% to close at N368/US$ at the parallel market at the end of August 2017, compared with July 2017.  On the at the inter-bank market and lost by 0.07% to close at N305.85/US$.

Records show the cyclical fluctuation the local naira against the dollar in less a month despite the dollar injection by the Central Bank of Nigeria(CBN) a sum up of $250m on Monday.

By Tola Adebayo