By InvestAdvocate

Lagos (INVESTADVOCATE)-The naira on Wednesday weakened to an all-time low falling by 5.8 percent against the greenback to trade at N378.00 in the parallel market, while the pounds sterling and euro traded at N492.00 and N413.00 respectively.

Cordros daily market update reports that the Nigeria’s local currency traded  N334.50/$1 in the interbank market, as the local unit continues to find its true value following the relaxation of the apex bank’s grip of the interbank naira value.

The report said at the time of writing – in the interbank market – the naira had depreciated against the three currencies pairs it tracked. The NGN/USD (-1.33 percent), NGN/GBP (-1.54 percent) and NGN/EUR (-1.05 percent) all weakened to N330.12, N413.85 and N346.54 respectively.