It appears that there seems to be no respite for the naira as the currency weakened to its lowest on Wednesday, exchanging for N917 to a dollar at the black market, while the Investors’ and Exporters’ (I&E) window closed at N774.78/$.
Analysts expressed concern that the high demand for foreign exchange might lead to further depreciation of the naira.
The naira extended its slump in black-market trading as the nation’s dollar shortage deepened two months after the Central Bank of Nigeria (CBN) moved to a more flexible exchange rate to encourage inflows.
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