Exchange Rate: Naira depreciated further at the parallel market

At the parallel market on Wednesday, the naira, further depreciated against the US dollar, as it exchanged for N249 to the dollar.

According to the News Agency of Nigeria (NAN) the naira, as at Wednesday afternoon, had lost N1 to close at N249, as against its previous value of N248.

NAN also reports that the inability of some BDCs to render proper accounts of forex transactions earned about 1600 of them some sanction from the apex bank.

Meanwhile, the naira, appreciated at the official interbank window as it gained N0.03 to close at N196.97. Traders at the parallel market affirmed that the challenges at the Bureaux de Change continued to have its toll on the parallel market.