Naira slips to N465/$1 at parallel market

Naira falls to N505 per dollar at parallel market

After appearing to have stabilised against the dollar across foreign exchange markets in recent days, the naira on Wednesday and Thursday fell to N465 per dollar at the parallel market from N463/$1 last week, traders said. The local currency has been under pressure at the parallel market since the beginning of the year, due to foreign exchange scarcity occasioned by the slump in the price of oil (the commodity that accounts for about 90 per cent of Nigeria’s export earnings). However, after rebounding from N477 per dollar to N440/$1 in…

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