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Sunday, August 7, 2016

NAIRA FALLS, EXCHANGE 400 PER DOLLAR


 in Business  August 5, 2016  64 Views
The Nigerian currency, the naira, collapsed to an all-
time low, exchanging for 400 per dollar at the
parallel market on Friday.
No official reason was adduced for this apart from
the fact that traders said they were over whelmed
by upsurge in demand for the hard currency, as
individuals and small scale business outfits
travelling abroad for their summer holidays and
businesses.
Though at the official interbank market, the naira
was trading between 310.50 a d 311 to the dollar,
indications, as at 12 noon, were that the
development at the parallel market might see it
sliding further by 20 per cent.

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Not even CBN officials nor participating banks at
the market were ready to offer any solution to what
could restore the naira from its continuous slide.
“Something will be definitely done very soon. The
much talked-about expanded economic team has
come on stream, definitely there will be a way out,”
said the apex bank’s spokesman.
The naira has weakened on the parallel market
since this week after it opened with a 381 on
Monday with expectation that there would be
stability.
But many analysts had linked the development on
the recent announcement that the federal
government will lavish the hard currency on
pilgrims for this year’s hajj, who are to obtain the
dollars at special rate of N197.
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