The Naira on Wednesday depreciated by 0.7 per cent at the parallel market, following the last minute payment of tuition fees abroad. The naira lost N2 to exchange at N307 to a dollar against N305 traded on Tuesday.
The Naira had relatively remained stable in the past weeks. However, the naira closed at N197 to a dollar at the CBN’s official rate. Traders at the market expressed optimism that the proposed intervention of the apex bank by selling foreign exchange to the commercial banks would shore up the naira.
Some parents, who spoke on condition of anonymity, said that it was stressful sourcing dollars to pay school fees of their children abroad. They urged the Federal Government to ensure easy access to dollars for legitimate needs.