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Nigerian naira on Monday dropped 1.1 per cent to close at 395 to a dollar at thge parallel market despite Central Bank of Nigeria, CBN, forex intervention.

The currency also depreciated to 480 against the Pound sterling but appreciated 415 against the Euro at the parallel market.

At the official market segment, the currency closed at 306.30 to the greenback

Meanwhile, the Central Bank of Nigeria, CBN, on Monday injected $90 million to meet requests by bank customers, in its bid to sustain the supply of foreign exchange and ensure liquidity in the market.

Besides, the spokesperson of the bank, Isaac Okorafor said the CBN also offered additional $150 million to authorised FOREX dealers in the interbank wholesale auction window to meet their customers’ demand.

To further strengthen the Naira value, which plunged to about N394 to a dollar on Friday, about 10 per cent depreciation from what was recorded earlier in the week, the spokesperson said the CBN would again inject more foreign exchange into the market early this week in an attempt to further weaken the dollar.
 

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