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Naira Slumps To 1, 030/$ As Speculators React
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Naira Slumps To 1,030/$ As Speculators React
By Musa Musa, Abuja
The naira crashed against the dollar on Monday, falling to 1, 030/$ on the average in the parallel market, losing the momentum it gathered last week.
This represents a N80 loss or a 8.42 per cent decline of the local currency compared to the N950 it closed the week at last Friday.
This is also the first time the naira is falling since the Central Bank of Nigeria began to clear some of its FX backlog last week.
Currency traders, also known as Bureaux De Change operators, told The PUNCH that the naira was trading at between N990 to N1,030/$.
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