Naira depreciates against the dollar

The naira, on Tuesday,
depreciated against the
dollar following a high
demand for foreign
currency by Nigerians
preparing to travel to
Saudi Arabia on
pilgrimage.
At the official market,
the naira sold for
between N162.60 and
N163 to $1; compared
with the exchange rate
of N161.50k on Monday.
While the naira
remained stable against
the pound sterling; it
appreciated against the
euro at the official and
parallel markets across
Lagos.
The naira went for
N196 against the euro,
compared with N201 on
Monday; while it
remained stable at
N255 against the pound
sterling in most
markets.
At the Bureau de
Change, the naira sold
for between N163 and
N164 against the dollar,
while the euro went for
N198 and the pound
sterling, N257.
At the parallel market,
the naira was sold for
N165 to one dollar, while
the pound sterling and
euro exchanged for
N258 and N199
respectively.