NAIRA LOSES N2 AS PRESIDENT BUHARI REJECTS DEVALUATION

The naira on Wednesday depreciated in value against the dollar at the autonomous foreign exchange market as President Muhammadu Buhari said it should not be devalued further.

Consequently, the naira on Wednesday weakened against the dollar by N2 or 0.90 percent each at the Bureau de Change (BDC) segment of the forex market and parallel market.

After trading on same day, the local currency closed at N224/$ as against N222/$ traded the previous day at the BDC segment, and closed at N226/$ compared with N224/$ the previous day at the parallel market.