Naira Fall on Black Market Contiues

In Business, The naira fell to a record low on the black market on Tuesday, with dollars scarce and speculation that the central bank of Nigeria would soon stop foreign currency sales to pay for health and education abroad.

Traders said the naira was quoted in a range of 347 to 352 against the dollar on the black market, as demand for dollars increased weakening from 345 on Monday.

The CBN left its official rate unchanged at 197 naira to the dollar on its interbank window.
Last month, the central bank banned dollar sales to retail bureaux de change, sending the naira to record lows on the black market.

It also stopped daily sales to the interbank market, in an effort to conserve reserves, now at their lowest in more than 11 years.

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