No end to hardship in Nigeria as Naira fell again on Sunday, new exchange rate shocking!

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Anxiety heightens among importers and investors as the naira again suffered on the parallel market. It fell against all major currencies thus exchanging for as high as

440 per dollar on Sunday, as the lingering foreign exchange scarcity increased to a new level.

The local currency, which closed at 436/dollar on Thursday, eased to 435 in the early hours of Friday. It closed at 439/dollar.

The naira had closed at 428 to the greenback on Wednesday, down from 424 on Tuesday, as lingering foreign exchange shortage weighed on the economy.

The latest declines in the naira value started on Wednesday, a day after the Central Bank of Nigeria’s Monetary Policy Committee retained the benchmark lending rate at 14 per cent.

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