Naira depreciates in parallel market

The Naira on Wednesday depreciated slightly, exchanging at N320.5 to the dollar at the parallel market.

The News Agency of Nigeria (NAN) reports that the naira lost 50 kobo on Wednesday afternoon, from N320 it traded on Monday.

However, the naira traded against the Pound Sterling and the Euro at N457 and N361 respectively, weakening further against the Pound.

Meanwhile, the Nigerian currency maintained N197 to the dollar at the official Central Bank of Nigeria (CBN's) rate.

Traders at the market complained of low activities but however, expressed delight at the efforts by the executive and the legislature to resolve issues surrounding the 2016 budget.

Industry watchers had also said that with the appreciation of oil at the international market, the nation's revenue would increase and the naira would he strengthened.

NAN reports that crude oil was sold at about 47 dollars per barrel at the close of trading on Wednesday.