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Naira appreciates at interbank market

The Naira continues to nosedive at the parallel market, closing at N480 to a dollar, while the Pounds and the Euro traded at N580 and N505 respectively.

A trader changes dollars for naira at a currency exchange store in Lagos, Nigeria, February 12, 2015.   REUTERS/Joe Penney/File Photo

The Nigerian currency closed at N305.25 on Tuesday.

Trading on the floor of the Bureau De Change (BDC) saw the Naira sold at N399 to a dollar, CBN controlled price, while the Pound Sterling and the Euro closed at N585 and N506 respectively.

The Naira continues to nosedive at the parallel market, closing at N480 to a dollar, while the Pound Sterling and the Euro traded at N580 and N505 respectively.

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Traders at the market said they have been trading under acute forex shortage.

A BDC operator, Mr Harrison Owoh, said there has been sustained fall in the sale of foreigncurrencies to BDCs for two weeks running.

Owoh attributed the shortage to the fall in inflow into the country.

"For two weeks running, BDCs have been gettting 8,000 dollars instead of 15,000 weekly dollar sale from Travelex," he said.

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