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Despite Forex Ban, Naira Crashes Further Against Dollar By 1.68%

Naira Falls Further To ₦540 Per Dollar
Naira further crashes against dollar by 1.68%

The value of the naira fell further by 1.68 per cent against the dollar at the official market on Thursday.

At the Investor & Exporter foreign exchange window, the local currency opened at 413.15/$1 on Thursday but closed at 422.07/$1.

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The naira had depreciated by 0.19 per cent to 415.10/$1 on Wednesday after closing at 414.30/$1 on Tuesday.

At the parallel market, the dollar was bought at N565 and sold for N570, according to some operators in the black market.

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The Central Bank of Nigeria, however, maintained N410.91/$1 as its official rate on its website.

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In July, the CBN stopped forex sales to the operators and assured that it would supply forex to legitimate users through the banks.

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