Naira depreciates against dollar, trades at N420

The naira on Friday depreciated in most major segments of the foreign exchange market.

The Nigerian currency fell by N2.24 to exchange at N308.69 to the dollar at the interbank market, from N306.93 recorded on Thursday.

At the Bureau De Change (BDC) segment of the market, it closed at N420 to the dollar, N550 to the pound sterling and N465 against the euro.

At the parallel market, naira lost N2 to close at N425 against the dollar from N423 it traded on Thursday, while it exchanged at N545 and N470 against the pound sterling and the euro, respectively.

Traders at the market said in spite of the reduction in the rush for the greenback to meet up school fees payment, the naira continued to depreciate.

They said that the demand for dollars for importation far outstripped its supply.