The Naira on Thursday depreciated further at the parallel
market, ebbing close to the projection of speculators according to reports.
Reports are saying that the twilight of 2016, speculators forecasted
that the Naira would exchange at N500 to a dollar.
The Nigerian currency lost N3 to trade at N495 to the dollar
at the parallel market, from N492 posted on Wednesday, while the Pound Sterling
and the Euro closed at N597 and N515 respectively.
At the official interbank window, the Naira closed at N305
to a dollar.
Trading at Bureau De Change (BDC) window saw the Naira close
at N399 to a dollar, while the Pound Sterling and the Euro exchanged at N600
and N510, respectively.
Traders blamed acute forex scarcity for the spike in the
exchange rate.
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