Naira Depreciates Further Against Dollar, Now N497/$

 

The Nigerian naira on Friday depreciated further against the dollar, falling close to a predicted 500 to the greenback at the open retail market as dollar scarcity perseveres.

The naira hit 497 per dollar on the market, weaker than its opening level of 495. On the official interbank market it ended at 305 to the greenback, a level it has closed at since last August.

Bureau de change operators said the central bank had approved 399 naira for retail trades next week, Reuters say.

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