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Naira weakens against dollar at parallel market

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The Naira today recorded one point exchange rate loss against the dollar, exchanging at N361.5/$ at the parallel market in Lagos.

The Nigerian currency had exchanged at N360.50 the previous day.

At the Bureaux De Change (BDC) window, the naira was sold at N360 to the dollar while the Pound Sterling and Euro closed at N484 and N420, respectively. Trading at the investors’ window saw the naira close at N360.95 to the dollar.

Also, the CBN segment sale showed that the naira was sold at N305.95 to the dollar, while the Pound Sterling and Euro closed at N410.71 and N360.16, respectively. The naira exchanged at N47.83 and N23.93 against the Yuan and the South African Rand.

Currency traders hinted that the demand for the dollar remained high in spite of the huge interventions of the CBN at the foreign exchange market.