The naira weakened to 470 on Thursday, from 465 on
Wednesday, as fresh dollar scarcity hit the official and parallel foreign
exchange markets. The currency had earlier appreciated to around 450 after
security agents carried out series of raids on Bureau De Change operators who
sold the currency above the N400 stipulated by the Central Bank of Nigeria The
naira is expected to depreciate slightly further in coming weeks at both the
official and parallel markets on the back of gradual increase demand for forex
by small businesses stocking for the Christmas and New Year sales.
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