Naira weakens further to N470/$ in parallel market

The naira further depreciated to N470/$ on Wednesday from N465/$ in the previous day in the parallel segment of the foreign exchange market.

There has been pressure on the local currency recently as the Central Bank has soft pedaled in its invention in the forex market.

The Investors and Exporters (I&E) FX window opened at N386.50, traded high at N391.49, and eventually closed at N380.00, unchanged against the previous day’s closing position.

A total of $12.91 million was transacted through the I&E window.

The Naira at the official window closed at 381.00/$1, unchanged against the previous day’s position.