Naira in free fall at parallel market

Posted by News Express | 5 December 2015 | 2,777 times

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The naira on Friday fell at the parallel market as the demand for dollars increased.

It lost N4 on Friday afternoon to exchange at N248 to the dollar, as against its previous value of N244.

However, at the inter-bank window, the naira exchanged at N197 to the dollar.

Traders at the market told the News Agency of Nigeria (NAN) that the high demand for the dollar was putting the currency of the biggest economy in Africa in a difficult situation.

They noted that the apex bank did not sell forex to Bureaux de Change on Friday, adding that the demand for dollar was far outstripping its supply. (NAN)

•Photo shows Finance Minister Kemi Adeosun.

Source: News Express

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