The Nigerian naira on Tuesday, February
9, weakened further to 313.5 against the
United States dollar at the parallel
market as shortage of the greenback,
persists in the forex markets.The local currency which traded for 310 to
a dollar on Monday lost 3.5 units to close at
N313.5 per dollar on Tuesday. According to Reuters On Tuesday, the naira closed at 199.40 to the dollar on the
interbank market, around the peg rate of
197 to the dollar.
This is coming just as the interbank lending
rate rose to two per cent from one per cent
on Monday, after CBN directed commercial
banks to fund their naira accounts ahead of
its intervention in the forex market on
Thursday. The naira had plummeted against the dollar
last month after the CBN banned dollar sales
to Bureau De Change outlets and later
stopped daily sales to the interbank market.
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The Nigerian naira weakened further to 313.5 against DollarCreated at 2016-02-10
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