Naira crashes to N490 per dollar at parallel market

Naira crashes to N490 per dollar at parallel market

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The naira on Wednesday further descended to N490 to a dollar at the parallel market after appreciating N485 per dollar during the Christmas break.
Naira notes

Naira notes

According to the News Agency of Nigeria (NAN), the naira lost 5 points representing a depreciation of 1.03 % while the Pound Sterling and the Euro closed at N590 and N502 respectively. At the Bureau De Change (BDC) window, the naira traded at N399 per dollar, CBN controlled rate while the Pound Sterling and Euro closed at N602 and N510 respectively. Meanwhile, the dollar traded at N 305.25 per dollar at the official interbank market. According to traders at the market, the scarcity of forex was still exerting pressure on the naira. Aminu Gwadabe, the President of the Association of Bureau De Change Operators of Nigeria (ABCON) said that the pressure on the naira was dangerous and disturbing to employment, investment and output. He therefore called for harmony between the fiscal and monetary policies in addressing the woes of the country.

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