Naira depreciates against major currencies

Naira depreciated against some major international currencies at the official and parallel markets on Friday. At the official market, the naira exchanged for N241.19 to the pound against N241.18 that obtained on Monday. It lost N1.50k against the pound at the Bureau de Change and the parallel market to sell at N246.5 to the pound from N245 to the pound on Monday.

The naira also fell against the euro at the official market on Friday, trading at N206.74 to the euro from N205.17 which prevailed on Monday. The naira, however, remained firm against the dollar at the official market, selling at N155.25 since Monday. It also firmed against the dollar at the Bureau de Change and black market at N160 to the dollar. A currency trader, who preferred anonymity, said the naira’s depreciation was due to the market forces of demand and supply.