Exchange rate: Naira depreciates, begins November on negative note

The naira depreciated against the dollar astatine the authoritative overseas speech marketplace connected Monday, opening November and the caller trading week connected a antagonistic note.

Data from the Central Bank of Nigeria, CBN, showed that the naira weakened to N1,347.94 per dollar connected Monday from N1,346.26 recorded connected Friday.

This means that the naira depreciated by N1.68 against the dollar connected the archetypal trading time of November.

Meanwhile, astatine the parallel market, the naira remained unchangeable astatine N1,390 per dollar connected Monday, the aforesaid complaint recorded past week.

The mixed sentiments crossed the overseas speech markets came arsenic Nigeria's outer reserves dropped to $55.22 cardinal arsenic of October 30, from $55.24 cardinal recorded the erstwhile day, according to authoritative information from the apex bank.

Recall that connected Friday, the naira appreciated astatine the authoritative marketplace portion remaining unchanged astatine the parallel market.

Exchange rate: Naira depreciates, begins November connected ...