From 292/$, naira slides further to trade at 297

The naira depreciated further at the parallel market on Monday, amid growing shortage of the currency.

The Nigerian currency lost N5 to exchange at N297 to the dollar, representing a depreciation of 1.7 per cent.

It  previously traded for N292 to the dollar over the weekend and at the official interbank window, the dollar remained at N197.

Traders at the market expressed concerns at the widening gap between the price of foreign exchange at the official interbank window and that at the parallel market.

They were, however, hopeful that the directive of the apex bank to money deposit banks to reopen domiciliary accounts could redress the shortage of dollars.