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Nigerian naira depreciated 2.79% against the United States Dollar to close at N320. 31 at the Inter-bank foreign exchange market, seventy-one days after the Central bank of Nigeria removed peg on the country's currency.
At the parallel market, the currency closed at 476 from 475 to a dollar it closed last Friday, September 30th, 2016.
Currency dealers at both segments of the market attributed the renewed pressure on rates to a worsening supply gap at all the segments, even as CBN’s intervention, according to them, has become too thin to assuage the huge demand.
https://www.nigerianbulletin.com/threads/naira-watch-tracking-nigerias-currency-day-70.223277/
Naira Watch: Tracking Nigeria's Currency [Day 70]
Friday Closed: 305.31
Today Open: N315.99
High Rate: N315.25
Low: N312.25
At the parallel market, the currency closed at 476 from 475 to a dollar it closed last Friday, September 30th, 2016.
Currency dealers at both segments of the market attributed the renewed pressure on rates to a worsening supply gap at all the segments, even as CBN’s intervention, according to them, has become too thin to assuage the huge demand.
https://www.nigerianbulletin.com/threads/naira-watch-tracking-nigerias-currency-day-70.223277/
Naira Watch: Tracking Nigeria's Currency [Day 70]
Friday Closed: 305.31
Today Open: N315.99
High Rate: N315.25
Low: N312.25