The travails of the Naira in the parallel market is apparently far from being over as the currency tumbles to a new low. The naira weakened further on Friday, trading at 360 to the United States dollar at the parallel market, amid a rise in demand for dollars by fuel importers.
According to Punch, the local currency stood at 341 at the unofficial market on Thursday, a day after the Federal Government announced the removal of fuel subsidy and a new petrol price band of N135 to N145 per litre.
The government said fuel importers were allowed from now on to get dollars from the parallel market to help ease acute shortages – likely to result in increased demand for dollars, and more pressure on the naira, as importers increased their orders.
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