By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian naira on Wednesday traded at N365 against $1, according to Cordros daily market update compared to a range of N347 to N352 traded on Tuesday on the parallel market.
The update reported that in the interbank market – the naira had appreciated against two (2) of the three (3) currencies it tracked.
It reported the naira strengthened by 0.17 percent and 0.28 percent against the pounds sterling and euro respectively to exchange at N248.21 and N221.20 for the pounds and euro each. While the naira compared to the dollar was unchanged at N199.05 in the interbank.
On the parallel market, the Nigerian local currency compared to the greenback, pounds sterling and euro weakened by 4.29 percent, 3.19 percent and 0.53 percent respectively to trade at N365.00, N485.00 and N377.00 each, the Cordros update reported.
The current naira mark against the U.S dollar on the parallel market on Wednesday is a new record low due to persistent dollar shortages amid control by the Central Bank of Nigeria (CBN).
