Forex shortage pushes naira to 445/dollar
The naira tumbled to 445 against the United States dollar at the parallel market on Monday, down from the 440 recorded on Sunday.
The chronic dollar shortage hitting the economy took a new twist last Wednesday with the local currency dropping to 428 to the dollar after trading around 424 for several weeks.
The naira lost 0.05 per cent of its value between last Wednesday and Monday, an equivalent of N21 in less than a week.
Economic and currency analysts link the latest decline in the value of the local currency against the greenback to activities of currency speculators and an increasing dollar demand amid decline in forex supply.
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