Naira just keeps falling in the parallel market, see the value to dollar today

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The Naira Wednesday depreciated further to
N270 per dollar at the parallel market, following
reduction of dollar sales to bureaux de change
(BDCs) by the Central Bank of Nigeria (CBN).
Vanguard Investigation revealed that from N260
per dollar at the close of business on Tuesday,
the parallel market exchange rate rose sharply
to N270 per dollar in Lagos, indicating N10
depreciation.
But in Abuja, the parallel market exchange rate
rose from N262 per dollar to close at N273 per
dollar, indicating N11 depreciation.
BDC operators, who confirmed this development
to Vanguard, said that the sharp depreciation
was due to further reduction in the weekly dollar
sales by the CBN.
President, Association of Bureaux De Change
Operators of Nigeria (ABCON), Alhaji Aminu
Gwadabe to Vanguard that though the CBN
increase the number of BDCs it sold dollars to
from 1,170 last week to 2,270 this week, it
however reduced the amount of dollars sold to
each BDC by 60 percent from $30,000 to
$10,000.

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