Naira on Monday weakened against the US dol lar across foreign exchange (FX) markets following strong demand for the greenback by importers and other end users.
At the Bureau De Change segment of the FX market, naira lost N3 or 1.3 percent to the dollar as it closed at N238/$ as against N235 last Thursday, BuinessDay market survey has revealed.
The local currency also slide by N3 or 1.3 percent against the dollar at the parallel market, closing at N240/$ compared with N237/$ last week Thursday.
At the interbank market, the local currency deprec ated sl ight ly against dollar by N0.12k or 0.06 percent to close at N197.62/$ from N197.50/$on F riday last week, according to data obtained from Financial Markets Quotations (FMDQ).
Currency dealers said on Monday that importers banned from accessing hard currency at the official interbank marketby the central bank three weeks ago scramble for hard currency in the unofficial market.
The central bank has said it would not be focusing on the thinly-traded parallel market when determining the exchange rate, saying that people
preferred to use the unofficial market for undocumented transactions, Reuters reports.
Source : BusinessDay