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Naira slides to 555/dollar in parallel market

On Monday, the naira lost steam on the parallel market, falling to 555 per dollar.

After trading at 535/dollar on Thursday, the local currency plummeted to 540/dollar on Friday.

Following a recent drop to 575/dollar, the local currency has been steadily rising in recent weeks, culminating at 530/dollar last week.

The local currency was purchased and sold at 550/dollar and 555/dollar, according to operators in the parallel market who spoke to our source

The drop was attributable to an upsurge in demand for the greenback, according to a black market operator.

The naira slipped 0.16 percent to 415.07 per dollar at the Central Bank of Nigeria’s Investor & Exporter Window after reaching a fresh high of N445.75.

According to local currency traders, the naira’s depreciation is due to a lack of appropriate liquidity in the retail market.

It is a sign we need to meet the demand for dollar in the market, this constitutes a major conflict in activities in the market,” a local operator who chose to speak on condition of anonymity, said.

What do you think?

Written by Babatunde Okerayi

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