Naira depreciates further against dollar

The Naira on Wednesday weakened further against the dollar at the parallel market, barely 24 hours after the Central Bank of Nigeria (CBN) moved for the adoption of a flexible exchange rate.

The naira sold at N350, weakening further from its rate on Tuesday when it went for N347 to a dollar.

The Pounds Sterling and the Euro opened at N385 and N380 and closed at N390 and N385 respectively.

Traders at the market said that they were keenly watching out for the impact of the new foreign exchange policy of the apex bank at the market.

CBN, at the end of its Monetary Policy Committee (MPC) meeting on Tuesday, adopted a flexible exchange policy for the economy, a move financial experts said was long overdue.

In his remark, Mr Harrison Owoh, a Bureau De Change (BDC) operator, said that the new policy would frustrate currency speculation and hoarding.