Naira weakens to 748/$1 at parallel market

The Naira depreciated against the Dollar in the parallel market on Wednesday, closing at N748/$1 .

The local currency dropped by 0.13 per cent when compared to N747/$1 it traded on Tuesday at the parallel market rate.

Starting the week at N747/$1, the Naira experienced a weakening trend, reaching N745/$1 last Thursday due to increased demand for dollars from importers. This followed a period of stability at N738/$1 earlier in the week.

The Naira and the Euro remained steady at an average of N815 to one euro on Wednesday, 17th May 2023, the same rate recorded on May 16th, 2023.

However, the Naira saw a significant decline of 0.53per cent against the British Pound, trading at an average of N950/£1 on Wednesday, compared to N945/£1 on Tuesday.

It’s worth noting that the black-market exchange rate can vary across different locations in the country, influenced by factors such as survey timing, demand and supply dynamics, purchasing power, and other relevant factors.