Naira Falls To 345 To A Dollar

The Naira yesterday continued to depreciate against the dollar as the exchange rate rose to N345 per dollar in the parallel market.

The naira has been on steady decline since Tuesday January 12th 2016, when the Central Bank of Nigeria (CBN) stopped weekly dollar sale to BDCs.

The steady depreciation was also aggravated by inability of the CBN to meet foreign exchange demand.

President Muhammadu Buhari had said he has not been convinced on the need to remove the subsidy.

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