The naira yesterday depreciated further to N397 per dollar in the parallel market even as the Central Bank of Nigeria (CBN) injected another N240 million dollars into the foreign exchange market.
Vanguard survey revealed that the parallel market exchange rate which closed at N390 per dollar last week rose to N397 per dollar at the close of business yesterday, indicating N7 or 1.7 per cent depreciation.
Last week the parallel market exchange initially dropped from N390 to N380 per dollar, before rising again to N390 per dollar.
Bureaux de change operators who spoke to Vanguard attributed the sudden reversal of the naira, after six weeks of appreciation from N520 per dollar to N480 per dollar, to scarcity in the parallel market.
