Friday, 5 August 2016

Naira falls to 400/dollar in parallel market on Thursday

The naira fell to 400 against the dollar at the parallel market on Thursday as shortage of foreign exchange continued to have negative effects on economic activities in the country.

The local currency had closed at 390 against the greenback on Wednesday. After closing at around 378 against the dollar for most part of last week, the naira dropped to 380 on Friday before falling to 382 on Monday.

The currency closed at 315.06 to the United States dollar at the interbank market on Thursday.

Economic and financial analysts have linked the wide depreciation in the value of the naira against the dollar at the parallel market to huge demand for forex by holidaymakers seeking to travel abroad.

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