Naira Suffers The Highest Fall With Exchange To Dollar And Other Foreign Currencies - Checkout The New Exchange Rates

The Nigerian currency naira suffered its highest depreciation yesterday as it exchanged for 345 against a dollar in the parallel market, Vanguard reports.

This represents N20 depreciation when compared with the closing exchange rate of N325 per dollar in the market on Friday. But the naira was relatively stable at the official interbank foreign exchange market as the interbank rate stood at N197.47 per dollar at the close of business, yesterday.

The naira also depreciated by N45 against the British pound as the parallel market exchange rate rose to N485 per pound, yesterday, from N340 on Friday. Bureaux de Change sources, who confirmed the development, attributed the sharp depreciation to persistent scarcity of the dollar and pound sterling in the market.