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The naira on Friday down 1.22% to N318.91k to close trading at the inter-bank market, thirty-two days after the Central Bank of Nigeria removed peg on the currency.
At the parallel market, the naira retreated from N400 to a dollar on Thursday to N395 to dollar.
Analysts believed that the recent depreciation to huge demand for forex by holidaymakers seeking to travel abroad. Some however say the demand is beyond the normal summer rush.
Naira Watch: Tracking Nigeria's Currency [Day 31]
Thursday - Closed: 310.76
Today Open: N320.25
High Rate: N320.125
Low: N310.75
Related: CBN Orders Banks To Sell Dollars at N197 To Pilgrims
At the parallel market, the naira retreated from N400 to a dollar on Thursday to N395 to dollar.
Analysts believed that the recent depreciation to huge demand for forex by holidaymakers seeking to travel abroad. Some however say the demand is beyond the normal summer rush.
Naira Watch: Tracking Nigeria's Currency [Day 31]
Thursday - Closed: 310.76
Today Open: N320.25
High Rate: N320.125
Low: N310.75
Related: CBN Orders Banks To Sell Dollars at N197 To Pilgrims