Naira slumps to N340 to dollar at parallel market

The Nigerian currency, Naira
The Nigerian currency, Naira

The Naira on Monday slumped further at the parallel market as the greenback remained scarce.

The News Agency of Nigeria (NAN) reports that the naira lost N5 to exchange at N340 to the dollar, a depreciation of 1.5 per cent.

Over the weekend, the nation’s currency closed at N335 to the dollar.

Meanwhile, the official Central Bank of Nigeria (CBN) rate remained at N197 to the dollar.

Traders at the market decried the increasing fall of the nation’s currency, pointing out that the market had remained dull as the scarcity of the dollar stifles economic activities.

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