Naira Depreciated By 0.3 Percent At The Parallel Market

The naira on Friday depreciated by 0.3 per cent at the parallel market barely 24 hours it hedged up against the dollar.

The naira lost N1 to exchange at N297 to the dollar. It had previously traded for N296 to the dollar on Thursday.

It, however, continued to exchange at N197 to the dollar at the official interbank window.

Traders at the market said that the scarcity of the dollar was still having its toll at the market, adding that, there were apprehensions that the apex bank might come up with yet another policy next week.

The Monetary Policy Committee Meeting (MPC) of the Central Bank of Nigeria (CBN) will be held on January 25 to January 26.

The meeting is expected to come out with policy statements on how to move the economy forward.