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Nigeria’s currency depreciates vs dollars on parallel market to N658, at I&E to N430

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The Nigerian currency, weakened further on Friday at the parallel market, exchanging for N658 to the greenback, down 1.13 per cent against the previous quote by operators at the street market.

The naira had exchanged for N620 to the dollar on the unofficial market on Monday.

Traders said increased demand from summer holidaymakers and scarcity of dollars in the country are piling up pressure on the local currency.

Operators of Bureau de change now buy the dollar at N640 and sell to buyers at N658 per dollar.

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Currency traders at Binukonu shopping complex Ogudu attributed the depreciation of the naira against the dollar to a shortage of the hard currency.

“Unlike in the past when people walk in to sell dollars to us, we have to struggle to get people to sell their dollar on the open market,” one bureau de change operator told one of our correspondents on phone.

The naira also depreciated marginally by 0.94 per cent at the official market on Thursday as dollar liquidity in the market remains low, traders said.

The naira closed at N430 to the dollar at the I&E foreign exchange market on Friday, with most participants maintaining bids between N414.00 and N431.00 per dollar.

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