Naira swings to loss after one-week gain

The naira depreciated against the dollar on Monday after gaining 26.24 percent last week at the parallel market. The local currency lost 8.24 of its value after trading as the dollar was quoted at an average of N768.33/$ as against N705/$ quoted on Friday. In Lagos, the dollar traded at between N750 and N770 per dollar, compared to between N700 and N710 traded on Friday at the black market. In Abuja and Kano, the nair a traded at 760-775 per dollar as against 700-710 last week. The recent policy on the issuance of new banknotes to replace the current N200, N500 and N1,000 notes has intensified the currency’s depreciation. . . .