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Naira falls to N445/$ on black market

Naira declined to N445 to the US dollar on the black market on Monday, the exact day Bureaux De Change (BDCs) continued operation following deals of foreign exchange worth $50 million to them by the Central Bank of Nigeria (CBN).

As per abokiFX, which orders rates from casual road dealers in Lagos, the local currency had traded at N440 to a dollar on Friday, before disintegrating to N445 on Monday.

In the interim, local currency was cited at N386 against the dollar at the over-the-counter spot market utilized by financial specialists and exporters, 13k more grounded than the N386.17 at which it shut on Friday.

Read more: US dollar and British pound fall against Naira

The trade rates at this window wavered between a high of N384 to a dollar and a low of N394.63 during the intraday trading before settling at N386 at the end of trade.

On the supply side, forex turnover at the window tumbled to $45.22 million, 49.3% lower than a trade volume of $89.15 million posted on Friday.

The daily forex sales for last week averaged $58.52 million translating to a substantial improvement from the $23.19 million recorded the week before.

The forex turnover on the window in August fell to $857 million from the $937 million reported in July.

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