The naira fell to 242
against the United States dollar at the parallel market on Monday after the
Central Bank of Nigeria cut dollar supply to Bureaux de Change operators in a
bid to conserve the external reserves.
The naira, which traded at 238 against the dollar
on the streets of the nation’s major cities on Friday, depreciated considerably
as demand overwhelmed supply at the black market and the BDC segment on Monday.
For some weeks, the naira had traded between 230
and 234 to the dollar at the parallel market.
The local currency has, however, remained
unchanged at 197 to the dollar on the official interbank market.
-Punch
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