Naira battered by Dollar, Euro, Pounds

The Naira lost ground on Tuesday to all the major currencies, depreciating between 0.2 to 0.6 per cent in various markets where it was traded.

The Nigerian currency fell 0.6 per cent at the parallel market, also known as the Black Market to sell at N498 to the U.S. dollar.

It also fell 0.3 per cent at FX Market, where it traded N411.02 against the U.S. Dollar.

However, the Nigerian money was stable at the CBN exchange window where it was offered for N410.

The naira also lost 0.2 per cent against the Euro at the parallel market to sell at N598.

In the CBN rate, the Naira depreciated by 0.4 per cent. It is now sold at N500.2.

Although the naira rate for pound sterling did not change at N700 when buying the euro and N693 to sell it.

The declining rate of the Naira continued to underscore the stunted foreign reserve, which is yet to rise above the $34 billion range.

The CBN has launched several initiatives to pump more dollars into the economy.

-PMNewsNigeria

About Don Saint

PR Guru / Author / Promoter / Controversial Writer / Hip Hop Artiste / Actor / Human Rights Activist. The First Nigerian Hip Hop Artiste to obtain a Masters Degree (M.A) in Arts ( Religion & Human Relations). The author of one of the most controversial books in Nigeria; "Emancipation from Masturbation". With over 12 Movies and 3 Musical albums since 2003. Former Events Manager at Silverbird’s Rhythm Fm Awka Station till 2010. For more info. Call : 08033239298.

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