Naira depreciates, seel at N398 per Dollar

The naira on Wednesday, weakened against the dollar at the parallel market. The Nigerian currency lost 8 points to exchange at N398, weaker than N390 recorded on Tuesday, while the Pound Sterling and the Euro closed at N485 and N415.

At the Bureau de Change, BDC, window, the dollar was sold at N362 to the dollar, while the Pound Sterling and the Euro closed at N483 and N430.

Trading at the interbank window saw the Naira close at N306.2 to the dollar.

Traders at the market said that they expected the Naira to appreciate by Thursday as BDCs gets additional dollar allocation from CBN.