Naira Hits 506 To The Dollar On Black Market



Nigeria’s naira hit a fresh low on
the black market on Friday, quoted at 506 per dollar, as traders
tested new levels to try to tempt dollar holders to sell.

The currency has hovered near the 500 level for more than
two weeks and, with demand for dollars swelling, crossed the
threshold as the unapproved retail market opened on Friday.

On the official interbank market, lenders had traded only
$1.30 million at 315 per dollar by 1130 GMT, traders said, as
the central bank continued to ration dollar supplies.

Source: Reuters

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