Naira crashes against dollar at parallel market

Naira crashes against dollar at parallel market

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The Nigerian currency – naira closed at 365 against the United States dollar at the parallel market segment of the foreign exchange market on Monday, down from 364/dollar it closed on Friday.

This was despite the sales of $462m and $195m in the interbank forex market by the Central Bank of Nigeria on Friday and Monday, respectively.

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In line with its commitment to sustain and deepen flexibility in the forex market to further enhance forex flow in the economy, the CBN sold the total sum of $462,336,426.74.

A breakdown showed that the Retail Secondary Market Intervention Sales received the largest allocation of $267.3m

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