Naira closes strong on pounds but remains weak to the dollar

The naira on Friday continued to lose steam against the dollar at the parallel market, in spite of the new forex regime, but it gained against the British pound.

The Nigerian currency lost N4 to exchange at N351, from N347 it traded on Wednesday, representing a depreciation of 1.14 per cent.

The naira firmed against the pound sterling but weakened against the euro as it traded at N458 and N380, from N470 and N375 it exchanged on Wednesday.

At the interbank window, the naira spot rate closed at N282.03 to the dollar.

Traders at the parallel market said the scarcity of the greenback had forced the naira to depreciate further…