Lagos - The naira on Friday
depreciated further against the dollar when it lost N0.5 to the dollar as it
exchanged for N225.5 as against the previous N225 at the parallel market
Meanwhile, the official rate at the interbank window
remained at N197.
The News Agency of Nigeria (NAN) reports that in spite of
the bi-weekly sale of forex to operators of Bureau de Change (BDC) by the
Central Bank of Nigeria (CBN), the naira continued to depreciate.
Also read: Naira increases to 217 against dollar
Traders at the parallel market said the continued demand for
dollar by importers was exerting pressure on the currency of the largest
economy in Africa.
Prof. Sheriffadeen Tella of the Department of Economics,
Olabisi Onabanjo University, Ago Iwoye, Ogun state, said naira could not afford
to behave otherwise since the country’s economy was not productive.
"We are not producing, only a producing economy can press
up its exchange rate.’’
According to him, Nigeria should continue to introduce more
control on its exchange rate until the forces of demand and supply lead to its
"There must be some restriction until we start making
progress’’, Tella said.