Currency Devaluation Naira falls to 222 per dollar at parallel market

The decline is said to have been caused by a high demand for dollars by importers and investors.

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A trader changes dollars with naira at a currency exchange store in Lagos February 12, 2015. REUTERS/Joe Penney play A trader changes dollars with naira at a currency exchange store in Lagos February 12, 2015. REUTERS/Joe Penney (Reuters)
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Nigeria’s currency has again fallen against the dollar and is now selling for 222 at the parallel market, reports say.

The decline is said to have been caused by a high demand for dollars by importers and investors.

The importers and investors put pressure on the parallel market after moving their foreign exchange demands there due to increasing business activities.

The recent development has led analysts to say that the future of the Naira at the parallel market looks bleak, according to Punch.

The Naira is also currently selling for between 220 and 222 to the dollar at the black market and 199 to the dollar at the interbank market.

The Central Bank of Nigeria (CBN) has spent $4.7 billion to defend the Naira in 2015 alone.

However, the apex bank might soon be forced to ease the restrictions it has placed on forex trading or risk Nigeria being taken off the JP Morgan Market Bond Index.

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