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BUSINESS & ECONOMYCOVERNEWSLETTER

Naira Falls To 555/dollar In Parallel Market

Naira Falls To N560/$1 At parallel Market After MPC Meeting

The value of the naira declined on Monday at the parallel market , trading at N555 to a US dollar.

The local currency had sold at 540/dollar on Friday, after it recorded some gains trading at 535/dollar on Thursday.

After it spiraled to 575/dollar recently, the Naira recovered some of its value, hitting 530/dollar last week.

On Monday, some bureaux de change operators stated that the local currency was purchased and sold at 550/dollar and 555/dollar respectively.

One operator stated that the decline in the value of the Naira was due to a rise in demand for the dollar.

The Central Bank of Nigeria’s Investor & Exporter Window, also saw the Naira shed 0.16 percent of its value to close at 415.07/dollar after hitting a new high of N445.75.

The CBN continues to maintain 411.63/dollar as the official rate on its website.

According to local currency traders, lack of adequate liquidity in the retail end of the market is responsible for the naira crash.

“It is a sign we need to meet the demand for dollar in the market, this constitutes a major conflict in activities in the market,” a local operator who chose to speak on condition of anonymity, said.

About Author

Victor Okeh is a graduate of Economics from Lagos State University. He is versatile in reporting business and economy, politics and finance, and entrepreneurship articles. He can be reached via – [email protected]

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