Monday, 18 January 2016

» Naira Sells At N297 To Dollar At Parallel Market

Naira on Monday depreciated
further at the parallel market amid
growing shortage of the currency.
The Naira lost N5 to exchange at
N297 to the dollar, representing a
depreciation of 1.7 per cent.
It traded previously for N292 to the
dollar over the weekend and at the
official interbank window, the dollar
remained at N197. Traders at the
market expressed concerns at the
widening gap between the price of
foreign exchange at the official
interbank window and that at the
parallel market.
They were, however, hopeful that the
directive of the apex bank to money
deposit banks to reopen domiciliary
accounts could redress the shortage
of dollars.

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