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UPDATE 1-Nigeria naira hits record intra-day low of 429.75 per dollar

Published 24/02/2021, 15:07
© Reuters.

(Adds details)
ABUJA, Feb 24 (Reuters) - The Nigerian naira traded at a
record intra-day low of 429.75 to the dollar on the
over-the-counter spot market, exchange data showed on Wednesday,
as banks bid for foreign exchange to meet demand.
The currency has been losing ground on the spot market,
quoted by foreign investors and importers, mirroring weaknesses
on the black market, where the naira trades more freely.
The naira opened for trade at 409.50 on Wednesday, exchange
data showed, near its weakest on record of 410.50 per dollar
reached two weeks ago.
Traders said foreign exchange liquidity is yet to improve
despite the currency weakness and that the central bank has not
sold dollars to foreign investors seeking to repatriate funds
this year.
The naira has been quoted at 480 naira to the dollar on the
black market since last month, against the official rate of 381
naira set in July and backed by the central bank.

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