The naira fell against
the United States dollar from 485 to 490 at the parallel market on Wednesday,
reversing part of the gain it had recorded against the greenback last week.
The local currency, which had fallen to
495/dollar last Thursday, recorded some gains and closed at 485/dollar on
Friday.
Since Friday when the Christmas holiday was
announced, the naira closed at 485/dollar at the parallel market.
On Tuesday, three days
to the end of the year, the naira traded flat and was sold for 485 per dollar
on the streets of Lagos and Abuja,
Currency experts have predicted the naira will
weaken against the greenback as the New Year approaches.
Specifically, they said the naira might fall to
500/dollar this week.
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