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Dollar continues to slay Naira...now at 352 Naira per 1 dollar

The Nigerian Naira has continued its unprecedented freefall in value against the US Dollar. Our national currency is now valued at N352 to USD1 on the parallel market, falling in value from N347 to the dollar yesterday. While some market operators did sell at N352 – USD1 yesterday, the market rate appears to have been in flux between N347 – N352. Our currency was trading within a range of 352 and 360 a dollar on the parallel market on Wednesday, February 17, down to a new record low from a range 347 to 352 on Tuesday due to persistent dollar shortages amid control by the central bank.

As of today, the naira fell almost two percent, it was hit by a major decline in cement companies’ shares, including Dangote Cement, which accounts for the third of local bourse capitalisation. The local bourse index dropped 1.81 percent to 24,070 points at 1221 GMT as investors took profits from previous gains on the stocks. An unnamed stock broker said: “Due to the rapid decline of the naira’s value, some offshore investors are booking profit and selling down their holdings.”



This post first appeared on VibesngistsBLOG, please read the originial post: here

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Dollar continues to slay Naira...now at 352 Naira per 1 dollar

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