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Nigeria naira falls further against dollar on parallel mkt, I&E window, now N528/$

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The Nigerian naira weakened further against the dollar on both the parallel market and investors and exporters (I&E) window on Wednesday as the Central Bank of Nigeria (CBN) tightened the nose against forex malpractice by some bank customers.

The local currency fell further to N528 to the dollar on the parallel market from N526 it closed on Tuesday, according to traders.

It depreciated by 0.10 percent to N411.50 to the dollar on the I&E forex window from the N411.08 per dollar it closed the previous day.

According to dealers, most participants at the official window maintained bids between N400.00 and N415.20 per dollar during trading on Wednesday.

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On Tuesday, the CBN said it uncovered malpractices by some bank using fake visa and flights tickets to obtained dollars from their banks.

The regulatory bank said many of the customers resorted to cancel their flight tickets after obtained forex from the official window, in a bid to circumvent the apex bank’s new foreign exchange policy.

The regulatory bank had last month suspended dollar sales to Bureau de Change operators and directed banks to open forex desk in their branches to provide retail dollar sales for medical, school fees and travel allowance.

The bank had accused BDCs of encouraging money laundering and forex arbtraging in the country.

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