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Naira Falls To 235 As Dollar Scarcity Continues At The Parallel Market

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The Nigerian local currency crashed by 2.17 percent against the dollar at the parallel market on Monday.

The naira traded at 235 to the dollar at the parallel market compared as against N230 to a dollar on Friday.

The naira hits another low after the Central Bank cut dollar supply to bureaux de change (BDC) operators based on it struggles to conserve foreign exchange reserves.

“The central bank has reduced the amount of dollar sold to bureaux de change at its twice-weekly intervention, which has also been cut to once a week now,” Harrison Owoh, a bureau de change operator, told Reuters News Agency.

Owoh said the reduction in volume of dollar sales by the Central Bank coupled with year-end surged in demand for foreign currencies by importers have impacted negatively on the local currency.

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