Naira depreciates against dollar at parallel market

The naira depreciated against the dollar at the parallel market on Wednesday.

The currency lost N1 to the dollar as it exchanged for N225 against N224 it exchanged previously.

The official rate at the internbank window remained at N197.

Traders at the parallel market told NAN in Lagos that the demand for the dollar had been putting pressure on the naira, forcing it to depreciate in value.

Evans Osabuohien, a lecturer at the department of economics and developmental studies, in Covenant University, attributed the fall in naira to Nigerians’ preference for imported goods.

Osabuohien said the demand for dollar for importation had put undue pressure on the nation’s currency.

However, he expressed hope that the naira might experience a rebound in December when many Nigerians doing business abroad will “come back with a lot of dollars”.