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Naira depreciates to 485 to a dollar


Naira yesterday slipped to 485 to a dollar at the parallel market following the scarcity of the foreign exchange in the country.

Some traders in Lagos and Abuja said the naira nears 490 a dollar in early trading before returning to 485 later.

They attributed the crash to the scarcity and speculations in the market.



Meanwhile some traders are sceptical especially when buying the hard currencies due to the expectation to receive direct allocations from Central Bank likely today.

The CBN allocation may likely ease the downturn of the local currency before the public holiday end on Tuesday.

Most of them are buying from sellers at between 465 to 470 a dollar.

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