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Nairametrics
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Home Markets Currencies

BULLHARI continues as Naira drops to N197 at the black market

Nairametrics by Nairametrics
April 7, 2015
in Currencies, Politics
$400million Pumped Yesterday Alone Yet Dollar Still Trading At N166
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Nigeria’s naira firmed more than 6 percent on parallel market on Tuesday as individuals who had stockpiled dollars to hedge against political risk because of the general elections sold off their holdings, black market dealers said.

The naira NGN firmed to 197 against the dollar on the parallel market operated by bureau de change agents, the same level as the interbank market, from 210 naira on Thursday.

Nairametrics also learnt that some parallel market dealers have been turning sellers back saying they are not buying dollars as the market is facing a serious case of over supply (which we explained in a prior article).

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Source: Reuters/Nairametrics

 

Tags: Black MarketNews Review
Nairametrics

Nairametrics

Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

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