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Naira exchanges for N351 to a dollar at parallel market

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The Nigerian currency, naira, fell N351 to the United States dollar at the parallel market and slightly to 282 at the new interbank market on Monday.

According to the President, Association of Bureau De Change Operators of Nigeria, Alhaji Aminu Gwadabe, the naira dropped to 351 at the parallel market from between 346 and 348 due to persistent liquidity issue.

According to Gwadabe, “Lack of liquidity in both the interbank and parallel markets is what is affecting the naira exchange rate to the dollar.

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“Right now, the only thing that the market is scavenging for is the export proceeds. There is a liquidity crisis.”
Gwadabe also insisted that attention cannot for now shift from the parallel market becuase of the list of items exempted from the official forex market.

“How can demand shift away from the parallel market when you have about 41 items that cannot obtain forex from the official market? You cannot completely kill the black market, you can only formalise it.”

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