Nigeria: Dollar Demand Rises Amidst Festivities, Rising Inflation

18 December 2012

With the bi-weekly dollar auction of the Central Bank of Nigeria (CBN) to be suspended tomorrow, December 19, 2012, fear of foreign exchange shortage has cranked up the demand for the United States currency.

The festive period dollar rush also coincides with the rise in inflation as announced by the National Bureau of Statistics as the value of the naira slipped to its weakest in a month.

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