Naira dips against dollar


The Naira on Monday dipped against the dollar at the parallel market, the News Agency of Nigeria (NAN) reports.

The Nigerian currency shed N8 to exchange at N360 to the dollar, from N352 it traded on Friday.

Also, the Pound Sterling and the Euro traded at N515 and N405 respectively.

Meanwhile, the official Central Bank of Nigeria (CBN) rate remained at N197 to a dollar.

Traders at the market attributed the unstable nature of the Naira to the scarcity of the greenback and hoarding of foreign exchange by currency speculators. (NAN)

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Source:: Nigerian Pilot