THE Nigerian currency, the Naira, has been appreciating since last week against the American dollar at the parallel market. Market analysts say there is no cause for cheer, as they do not see the advantage as sustainable.
The naira depreciated against the dollar on Monday, November 14, trading at N760 to one dollar after gaining 26.24 per cent last week at the parallel market.
The local currency lost 8.24 per cent of its value after trading, as the dollar was quoted at an average of N768.33/$, as against N705/$ quoted last Friday at the black market.
Traders said the naira depreciation once again was as a result of dollar shortage amid rising demand. In Lagos, the dollar traded at between N750 and N770 per dollar, compared to between N700 and N710 traded on Friday at the black market.
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