Naira Weakens in Parallel Market

Naira Weakens in Parallel Market

The naira traded at N470 per dollar at the parallel market yesterday, the lowest since September 29.

The naira closed at 382.10 per dollar on the spot market, where the CBN sells limited amounts of the greenback bank to importers.

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The naira had traded for N468 and N466 against one dollar at the parallel market on Thursday and Wednesday respectively, while it sold for N465 and 464 per one dollar at the Lagos bureau de change on Friday and Thursday respectively.

Agency report stated that the naira had lost all ground it gained after the regulator started weekly interventions, signaling the continuous existence of pent-up demand for the dollar.

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The CBN resumed sales to licensed bureau de change operators in September after the federal government opened up international travel following the lifting of COVID-19restrictions.

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