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HomeBusinessNigeria naira weakens to N620/$ at parallel market, firms at I&E window

Nigeria naira weakens to N620/$ at parallel market, firms at I&E window

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Nigeria’s local currency weakened to a new low on the parallel market on Thursday, exchanging at N620 to the dollar, down 0.8 per cent due to pressure on demand for the greenback.

The naira had traded at N615 to the greenback previously as traders said demand for the dollar has grown in the last few days due to pressure from people wanting to go on summer holidays.

However, unlike what was obtained on the parallel market, the naira closed stronger at N424.63 to the dollar, gaining 0.01 per cent at the official market.

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Traders said most participants at the Investors and Exporters foreign exchange window maintained bids between N411.42 and N444.00 per dollar.

Meanwhile, operators of Bureau de Change said the naira declined against the dollar due to increased demand for the greenback as the Central Bank of Nigeria (CBN) has not been able to meet demand by endusers at the official window.

The traders put the buying price of the dollar at N614 and the selling price at N620, leaving a profit margin of N6.

On the money market, the Overnight (O/N) rate remained unchanged at 14.00 percent, while the Open Repo (OPR) increased by 0.04 per cent to close at 13.88 per cent against the last close of 13.84 per cent.

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