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Naira slides to N555/$1 in parallel market

Factual Pursuit of Truth for Progress

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Nigeria’s local currency, naira, dropped at the parallel market on Monday as it crashed from 535 per dollar, recorded on Thursday, to 555 per dollar.

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It further crashed to 540 per dollar on Friday. Operators on the parallel market said the naira was bought and sold for N550 and N555 respectively.

Recall that a week earlier, the naira was bought and sold for N530 and N535.

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An operator in the black market attributed the fall to the rise in demand for the dollar.

At the Investor & Exporter forex window, the naira fell by 0.16 per cent after reaching a high of N445.75 to close at N415.07.

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The CBN however maintained N411.63 as its official rate on its website.

Naira crashed to N560 at selling rate, and N555 at buying rate.

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

An operator, who reacted in anonymity, had said: “It is a sign that we need to meet the demand in the market. This constitutes a major conflict in activities in the market.”

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