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Pressure continues to mount on Naira, depreciates to N478/$ in the parallel forex market

Adewale Nurudeen

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Pressure continues to mount on Naira, depreciates to N478/$ in the parallel forex market

There is renewed pressure on the Naira at the parallel market as it shed N2 again the Dollar to exchange at N478/$ on Thursday instead of 476/$ it traded the previous day.

The local currency also weakened at the investors’ and Exporters’ forex window to N394/$, having opened at N391.78/$.

Investors exchanged a total of $219.60 million at the I&E forex segment on Thursday.

Alhaji Aminu Gwadabe, President, Association of Bureau de Change Operators of Nigeria (ABCON), attributed the renewed pressure in the Nigerian market to liquidity squeeze which persists in the market.

He noted that the COVID-19 pandemic, which has put many Nigerians in diaspora out of job, has hampered remittances into the country.

Gwadabe added that capital flight out of Nigeria was also hurting the market.

At the interbank forex market, the Naira was stable at N379/$.

by Dayo Kiladejo