Exchange Rate: Naira Continues To Crash Against Dollar

The naira weakened further on Monday, trading at 345 to the United States dollar at the parallel market, amid a rise in demand for dollars by fuel importers.

It was rumored in some quarters that the president and Central Bank of Nigeria had secretly devalued the value of the currency.

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The local currency stood at 360 at the unofficial market on friday, two days after the Federal Government announced the removal of fuel subsidy and a new petrol price band of N135 to N145 per litre.

The government said fuel importers were allowed from now on to get dollars from the parallel market to help ease acute shortages – likely to result in increased demand for dollars, and more pressure on the naira, as importers increased their orders.

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Daniel Enisan is a content writer at edliner.com. With a degree in mass communication, Daniel is a full breed journalist. Daniel is a realist, loves the use of sarcasm, a movie and music junkie. He is also a poet and a good listener.

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