Naira weakens to N330.50 in Black-Market Trades

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Nigeria Naira fell to alltime low, yesterday, crossing 300 to the dollar for the first time on the inte-bank market after the central bank last month lifted its peg on the currency to flow. 

The Naira fell 5.4 per cent against the green back to 309 at 1224 GMT on dollar supply shortages. It was later recovered to close at 292.40 on the inter-bank market on thin trades. 

The market has adjusted upwards and there are more trades. The CBN mops up Naira liquidity through treasury bill issues to attract offshore investors into bonds. The Naira traded weaker on the black market to 375 against the dollar on Thursday

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