Nigeria: Naira Continues Depreciation at BDC, Parallel Markets

21 March 2011

The naira, Nigeria's local currency which has been under pressure over rising demand for the US dollar in recent times slumped further at both the Bureau De Change (BDC) and parallel segments of the forex market on Friday as demand for the greenback continue to mount.

This was more evident at the parallel market where the local currency attained its lowest value in the past one year.

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