Naira currency has depreciated at the parallel market and on Monday, sliding by N3 against the US Dollar.
A detailed analysis showed that the local currency was traded at the unregulated segment of the market yesterday at N527/$1 compared with N524/$1 it was sold last Friday.
Also, at the same segment, the domestic currency lost N2 against the Pound Sterling as it traded at the rate of N715/£1 in contrast to N713/£1 of the preceding session.
The Naira took a heavier beating at the black market on the first trading session of this week as it weakened by N8 against the Euro to quote at N616/€1 compared with N608/€1 of the previous session.
At the interbank market, the exchange rate of the Nigerian currency to its American counterpart was in favour of the latter. This was because the Naira lost 3 kobo to sell for N410.29/$1 as against N410.26/$1 of the earlier trading day.
However, respite came for the indigenous currency at the Investors and Exchange window as it appreciated by 37 kobo or 0.09 per cent against the greenback to close at N411.63/$1 in contrast to the preceding session’s N412.00/$1.
Transactions worth $81.81 million were made on Monday, 62.2 per cent or $134.71 million lower than the $216.52 million achieved last Friday.