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Naira Crashes to N492 at Parallel Market

By Modupe Gbadeyanka

The continuous raids of black market operators in major cities in Nigeria have further weakened the Naira against the Dollar.

At the parallel market on Wednesday, the local currency was exchanged for N492 per Dollar as demand for the foreign currency rises.

Since security operatives launched an attack on foreign currency hawkers, many of them have gone underground, forcing shortage of Dollar at the market segment.

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It was gathered that the Naira traded for 605 to a Pound, while it was sold for 505 per Euro.

However, at the official interbank market, the Dollar was sold at N305.25, while it went for N399 at the CBN-controlled Bureau De Change (BDC) segment.

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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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