Naira depreciates further to N535/$

09 Sep Naira depreciates further to N535/$

The Naira extended its slide against the dollar on Wednesday, dropping to a new all-time low of N535 to the US dollar at the parallel market in Lagos.

The naira has been falling steadily since the start of this month amid the lingering scarcity of foreign exchange in the country.

The local currency, which stood at 526/$1 at the end of last month, fell to 535/$1 at the parallel market on Wednesday from 532/$1 on Tuesday.

The naira also fell to 730 against the British pound sterling at the parallel market from 727/£1 on Tuesday, while the euro rose to N629 from N626.

At the I&E window, the naira weakened by 0.20 per cent to 411.50/$1 on Wednesday, according to FMDQ Group.