Naira Makes U-turn, Depreciates Against The Dollar

After weeks of regaining strength on the foreign exchange market, the naira moved in a reverse direction and dropped, albeit by a small margin, to 385 as against 382 on Thursday morning. However, the tale on the international scene is different, as it rose to 308.05 to a dollar as against 314.75 in the early hours of the day.

At the parallel market, the naira maintained its rate against the British pound, but exchanged at 410 to the euro as against 400 at the start of trading.