Friday, November 27, 2020

Naira continues further slide

 The naira depreciated against the dollar across the official and parallel markets yesterday with many pundits predicting further decline of the national currency.

The Nation

At the official Investors and Exporters (I & E) Window, naira declined by 2.0 per cent to N393.25 per dollar, dropping from previous position of N385.50 per dollar. Most participants at the I & E window maintained bids between N382.00 and N394.83 per dollar.

At the parallel market, naira depreciated by 0.8 per cent to N487.00 per dollar.

Senior Research Analyst, FXTM, Lukman Otunuga said the naira was poised to decline further as the Central Bank of Nigeria (CBN) has limited capacity to sustain its restrictive foreign exchange (forex) management.

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