The naira on Wednesday depreciated again at the parallel market, losing 0.41 percent against the US dollar following persistent supply shortage.
After trading yesterday, it closed at N492 against the dollar as against N490/$ it closed the previous day at the unregulated market. At the interbank foreign exchange market, the local currency closed at N305.25 against the greenback, the same as on Tuesday, data from FMDQ show.
Against other currencies like the pound sterling and the euro, the naira closed at N605 and N505, respectively.
However, the average naira exchange rate weakened at the interbank segment of the foreign exchange market in October 2016. The exchange rate at the interbank market opened at N305/$ and closed at N305.90/$ between September 1 and October 27, 2016.
The last Monetary Policy Committee (MPC) of the year observed that total foreign exchange inflows through the CBN decreased by 31.85 percent, from $1,404.84 million in September to $ 957.37 million in October 2016.
The decrease was due to lower crude oil and other government revenues in the period under review.
In spite of the resumed Joint Venture payments in October, total outflows also continued to decrease, dropping significantly by 58.68 percent from $2,456.86 million to $1,015.08 million during the same period.
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