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12 Oct 2016

Exchange rate at the parallel market is shocking....See value of naira

The naira appreciated against the dollar at the parallel market on Tuesday, closing at N468 to a dollar.

According to NAN, the Nigerian currency gained N2 from N470 it posted on Monday, while it exchanged at N570 and N517 against the pound sterling and the euro, respectively.

Trading at the Bureau De Change (BDC) segment of the market showed that the naira was sold at the approved rate of N380 to the dollar, while pound sterling traded at N580 and euro at N515.

At the official interbank market, the naira remained at N304.75 to a dollar.

Traders at the market attributed the ease in the liquidity challenge in the market to the resumption in the sale of dollars to BDCs by Travelex.

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