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LequteMan
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The Nigerian naira on Tuesday fell to a new record low on the black market following expectations that dollar scarcity is going to get worse.
This is due to several speculations that the central bank would soon stop foreign currency sales to pay for health and education abroad, traders said.
The naira was quoted in a range of 347 to 352 against the dollar on the black market, as demand for dollars surged, weakening from 345 on Monday, traders said.
The central bank left its official rate unchanged at 197 naira to the dollar on its interbank window.
"Most individuals who sell to us are no longer willing, but demand is piling up," said Aminu Gwadabe, head of an association of bureau de change operators.
Reuters
This is due to several speculations that the central bank would soon stop foreign currency sales to pay for health and education abroad, traders said.
The naira was quoted in a range of 347 to 352 against the dollar on the black market, as demand for dollars surged, weakening from 345 on Monday, traders said.
The central bank left its official rate unchanged at 197 naira to the dollar on its interbank window.
"Most individuals who sell to us are no longer willing, but demand is piling up," said Aminu Gwadabe, head of an association of bureau de change operators.
Reuters
