Naira Weakens Further at Parallel Market to N1,685/$
Samuel Mobolaji
The value of the naira yesterday weakened further at the parallel market despite the supply of dollars by the Central Bank of Nigeria to Bureau de Change operators, selling at N1, 685 to the dollar on the streets.
Compared to N1, 653 which it sold at the parallel market on Wednesday, the value of the naira declined at the parallel market in Lagos and weakened even further in Abuja to N1, 705 to the dollar.
At the official Investor and Exporter (I&E) window, the value of the naira grimed closing at N1, 5576.10 to the dollar at the close of business on Thursday as against N1, 667.42 which it closed on the window on Wednesday.
The CBN had on Wednesday announced that it would be providing liquidity at the parallel market by selling $20,000 at the rate of N1, 590 to the dollar to each BDCs to meet the demand for invisible transactions.
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