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LequteMan
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The Nigerian Naira on Tuesday depreciated further against the dollar, fueled by a higher demand as traders scrambled to shore up on the greenback.
The naira was quoted at 361 to the dollar on the parallel market on Tuesday, lower than 357 on Monday, driven by dollar scarcity, traders say.
"Dollar demand has increased due to uncertainty around central bank's FX policy," said Aminu Gwadabe, head of Nigeria's bureaux de change association.
This follows uncertainty over the Central Bank's policy on the naira. The apex bank had recently caused confusion after announcing that it will allow the naira to undergo a flexible regime, but has failed to release modalities concerning the development.
Reuters
The naira was quoted at 361 to the dollar on the parallel market on Tuesday, lower than 357 on Monday, driven by dollar scarcity, traders say.
"Dollar demand has increased due to uncertainty around central bank's FX policy," said Aminu Gwadabe, head of Nigeria's bureaux de change association.
This follows uncertainty over the Central Bank's policy on the naira. The apex bank had recently caused confusion after announcing that it will allow the naira to undergo a flexible regime, but has failed to release modalities concerning the development.
Reuters
