Recession : Naira further plunges to 490 to a dollar

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  • Naira is now N490 to a dollar as scarcity of Forex piles pressure on weakened currency

Nigeria’s Currency, the Naira weakened further against the dollar¬†at the parallel market after appreciating to N485 to a dollar during the Christmas break.

The News Agency of Nigeria (NAN) reports that the Naira lost five points, representing a depreciation of 1.03 per cent, while the Pound Sterling and the Euro closed at N590 and 502, respectively.

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At the Bureau De Change (BDC) Window, the Naira traded at N399 to a dollar, CBN controlled rate, while the Pound Sterling and the Euro closed at N602 and N510, respectively. The Naira traded at N305.25 to a dollar at the official interbank market.

Scarcity of Forex is seriously putting pressure on the Naira.

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Meanwhile, Alhaji Aminu Gwadabe, President, Association of Bureau De Change Operators of Nigeria (ABCON) had this to say on the development;

There is the need for concerted collaboration among both the fiscal, monetary policy makers and the operators in the economy to address this monster facing the economy.I must confess that I am disturbed and worried.

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