Based on logistic: Naira suffers further depreciation

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Some forex traders at the Olugbede Modern Market in Egbeda, Lagos, told reporters that the recent free-fall was caused by the inability of some customers to easily access forex through the banks. They said this had forced the customers to resort to the black market to get forex.

The Naira also lost N5 on Friday against the Euro to exchange for N425, but remained stable against the Pound Sterling at N485.

Recall that the Naira gained N1 against the Dollar on Thursday to sell at N397, but it lost N8 on Friday to go for N405.

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Bariduanen Lemon is a Writer and Editor who intends to keep you informed and glued to events and activities around you .Follow me on Twitter@LemonBarry and Facebook on Barry Lemon.

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