Naira slides further, sells at N297 to dollar at parallel market

Naira on Monday depreciated further at the parallel market amid growing shortage of the currency. The Naira lost N5 to exchange at N297 to the dollar, representing a depreciation of 1.7 per cent.

It traded previously 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.