• Monday, February 26, 2024
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BusinessDay

Naira depreciates further at parallel market

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The Nigerian currency, the Naira, on Monday depreciated further, trading at 225 to the dollar at the parallel market.

Similarly, the currency was traded at 341 to a pound sterling while one Euro was traded for 243.

However, the poor showing of naira at the parallel market did not affect its official 197 price to a dollar at the Central Bank of Nigeria (CBN).

Commenting on naira’s drop in value, Dr Evans Osabuohien, an economist, told NAN that the recovery of the American economy was responsible for the appreciation of the dollar against other currencies in the world.

Osabuohien, who teaches at the Department of Economics and Development, Covenant University, Ota, Ogun, noted that like Nigeria, the global economic challenges also affected currencies of most African countries.

He specifically identified Kenyan and Ugandan Shillings among the worst in currencies’ depreciation in the continent.

NAN