Again, naira depreciates at parallel market
The naira depreciated further against the dollar by losing N0.5 on Friday.
The Nigerian currency exchanged for N225.5 as against the previous N225 at the parallel market but the official rate at the interbank window remained at N197.
The naira has continued to depreciate despite the bi-weekly sale of forex to operators of Bureau de Change (BDC) by the Central Bank of Nigeria (CBN).
Traders at the parallel market said the continued demand for dollar by importers was exerting pressure on the currency of the largest economy in Africa.
Sheriffadeen Tella of the department of economics at the Olabisi Onabanjo University, Ago Iwoye, Ogun state, said the naira “could not afford to behave otherwise since the country’s economy was not productive”.
“We are not producing, only a producing economy can press up its exchange rate,” he told NAN.
Tella advised that the country continues introducing controlling its exchange rate until the forces of demand and supply lead to its stability.
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