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Naira falls to N605 as parallel market FX rate worsens

IN the parallel foreign exchange market yesterday afternoon, the naira traded lower. In Apapa, Ikeja, and Eko Hotels, several Bureau de Change (BDCs) were selling the US dollar for N605.50 in the afternoon due to a lack of foreign currencies.

FX rates are moving outside the controlled line due to pre-election demand for foreign currencies. Remember that the Naira is under pressure at the Investors and Exporters window, where rates have crossed the red line.

The local currency depreciates by 0.18 percent to N419.25 per dollar. The Naira traded at N419.25 to the dollar at the Investors and Exporters window on Wednesday, down from N418.50 on Tuesday, or a 0.18 percent loss.

On Wednesday, the open indicative rate was N418.00 to the dollar. The highest rate reported during the day’s trade was N444.00 to the dollar, before the rate closed at N419.25.

During the day’s trade, the Naira fell as low as N410 to the dollar. On Wednesday, the official Investors and Exporters window traded a total of 201.34 million dollars in foreign exchange.

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