Naira slides to N555/$1 in parallel market

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Nigeria’s local currency, naira, dropped at the parallel market on Monday as it crashed from 535 per dollar, recorded on Thursday, to 555 per dollar.

It further crashed to 540 per dollar on Friday. Operators on the parallel market said the naira was bought and sold for N550 and N555 respectively.

Recall that a week earlier, the naira was bought and sold for N530 and N535.

An operator in the black market attributed the fall to the rise in demand for the dollar.

At the Investor & Exporter forex window, the naira fell by 0.16 per cent after reaching a high of N445.75 to close at N415.07.

The CBN however maintained N411.63 as its official rate on its website.

Naira crashed to N560 at selling rate, and N555 at buying rate.

According to currency traders, lack of adequate liquidity in the retail end sector is responsible for the crash in the naira.

An operator, who reacted in anonymity, had said: “It is a sign that we need to meet the demand in the market. This constitutes a major conflict in activities in the market.”

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Francis Ogwo
The young and goal driven writer and cinematographer started his journalism as a print journalist in Kaduna in 2005 writing for Kaduna Chronicles Newspapers, Liberator Newspapers where he became the South Bureau Chief. In 2008, he moved into TV production with an employment into Siverbird Television and Rhythm Fm as a Correspondent. He got certified by Independent Television Producers Association of Nigeria(ITPAN) in 2009. After five years of hardwork and training, he was employed as Associate Producer, Moments With Mo and subsequently Producer, Playground on HipTV. Francis currently majors in documentaries and high profile scripts for news and movies. He is currently a Senior Contents Producer at News Central TV

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