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Naira falls to N499/$1 at parallel market

The naira weakened further at the parallel market yesterday, falling to N499 per dollar from N498/$1 on Wednesday, data obtained from abokifx.com shows. The local currency, however, closed stronger at N410.90 per dollar at the Investors and Exporters’ (I&E) window compared with N411.06 on Wednesday. The naira was on a free fall at the parallel market for most part of last week, plunging to N495/$1 last Thursday from N487 per dollar at the beginning of the week. Analysts have attributed the naira’s recent volatility to speculation triggered by the Central Bank of Nigeria’s (CBN) recent adjustment of the official exchange rate to N410 per dollar from N379/$1

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