The
naira tumbled to 520 against the United States dollar at the parallel market on
Monday as scarcity of the greenback continued to keep the exchange rate in a
free fall mode.
The
naira had closed at 516/dollar on Friday, after hitting 510/dollar and 507/dollar
last Thursday and Tuesday, respectively.
Experts
said demand for dollar for school fees payment overseas as well as Personal
Travel Allowance by intending travellers was taking a toll on the exchange rate
at the parallel market.
This
came just as retail currency traders tried to digest the Central Bank of
Nigeria’s new decision to sell dollars to retail users through commercial
banks, Reuters reported.
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