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Naira Weakens To 470/USD In Parallel Market

Naira Weakens At Parallel Forex Market, Trades N482/$

The naira has weakened to 470 against the United States dollar in the parallel market despite the interventions of the Central Bank of Nigeria in the official window.

The nation’s currency had traded at N465, N466 and N468 against the greenback on Tuesday, Wednesday and Thursday respectively. But it fell on Friday to its weakest level in more than a month.

According to Bloomberg, the naira closed at 382.10 per dollar on the spot market, where the CBN sells limited amounts of the greenback to importers.

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The international news agency reported that the naira had lost all ground it gained after the regulator started weekly interventions, signaling the continuous existence of pent-up demand for the greenback.

The CBN resume sales to licensed Bureau de Change operators in September after the Federal Government opened up international travel following the lifting of COVID-19 restrictions.

BizWatchNigeria had reported on Friday that the nation’s foreign exchange reserves had fallen to the lowest level in more than two months.

As of November 10, the forex reserves stood at $35.63bn, the lowest since August 24, according to the latest data from the Central Bank of Nigeria.

About Author

Oputah David is a Mass Communication graduate with a master's degree in Organisational Behaviour and another in Mass Communication. He is also a Bloomberg trained Financial journalist with an interest in markets and the economy. He can be reached via – [email protected]

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