The naira was sold at the parallel market for 440 per dollar on Sunday, as the lingering foreign exchange scarcity increased to a new level.The local currency, which closed at 436/dollar on
Thursday, eased to 435 in the early hours of Friday. It closed at 439/dollar.The latest declines in the naira value started on Wednesday, a day after
the Central Bank of Nigeria’s Monetary Policy
Committee retained the benchmark lending rate at 14 per cent. The naira had closed at 428 to the greenback on Wednesday, down from 424 on Tuesday, as lingering foreign exchange shortage weighed on the economy.
Committee retained the benchmark lending rate at 14 per cent. The naira had closed at 428 to the greenback on Wednesday, down from 424 on Tuesday, as lingering foreign exchange shortage weighed on the economy.
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