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Low Dollar Demand Forces Naira To N460/$ Wednesday


By Modupe Gbadeyanka

The Naira appreciated on the parallel market on Wednesday thanks to the low demand for the Dollar.

At the close of activities yesterday, the Nigerian currency was forced down by 5 points compared to what was achieved the previous day.

The Naira exchanged for 460 to the Dollar against the 465 per Dollar it traded at the black market on Tuesday.

News Agency of Nigeria reports that also, the Pound Sterling and Euro closed at N560 and N500 respectively at the parallel market.

However, at the Bureau De Change window, the Dollar was sold at N385, being the Central Bank of Nigeria controlled rate, while the Pound Sterling and Euro traded at N560 and N503 respectively.

A BDC operator, Mr Harrison Owoh, noted that stakeholders in the market were painstakingly watching the political situation in the US and its effect on the country’s economy.

He further said in the coming days, the demand for the Dollar was likely to remain low until the successful transition from a Democratic to a Republican Government in the US.

But at the interbank market yesterday, the Naira weakened against the Dollar, losing N2.49 to close at N307.26 against N305.27 recorded on Tuesday.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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