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Naira Currency now selling at N470 to the dollar

The latest rate is an improvement on previous ones as the dollar sold for N510 on Tuesday and N505 on Wednesday.

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

The naira has gained ground and is now selling at 470 to the US dollar at the parallel market.

The latest rate is an improvement on previous ones as the dollar sold for N510 on Tuesday and N505 on Wednesday.

The development is believed to have been caused by the decision of the Central Bank of Nigeria (CBN) to change its foreign exchange (Forex) supply rules.

The CBN, on Monday, announced that it would supply forex to both large and minimal consumers.

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The naira also gained against the Pound Sterling which traded at 645 a day earlier but slipped to 610 and the Euro which dropped from N537 to N507 at the end of trading.

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