Naira falls at parallel market, sells at N510 to a dollar

Despite the steady rise in the country's foreign reserves, the Naira continues to fall at the parallel market, The News Agency of Nigeria is reporting.

The Naira lost three Naira at the parallel market to sell at N510 to a dollar on Wednesday after closing at N507 to the dollar on Tuesday. Ponds Sterling and the Euro sold at N625 and N535 respectively. 

At the interbank market the Naira traded at N305 to the dollar but at the Bureau De Change window the Naira traded at N399, N626 and N537 to the Dollar, Pound Sterling and Euro respectively.

Traders at the market say the current odepreciation of the Naira to activities of speculators and currency hoarders.