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Naira depreciates against dollar

07 August 2012, 16:14

Lagos - The Naira on Tuesday depreciated against the dollar following a high demand for dollars by Nigerians preparing to travel to Saudi Arabia on pilgrimage.

At the official market, the Naira sold for between N162.60 and N163 to one dollar compared with the exchange rate of N161.50k on Monday.

While the Naira remained stable against the pound sterling; it appreciated against the Euro at the official and parallel markets across Lagos.

The Naira went for N196 against the Euro compared with N201 on Monday

It remained stable at N255 against the pound sterling in most markets.

At the Bureau de Change, the Naira sold for between N163 and N164 against the dollar, while the Euro went for N198 and the pound sterling, N257.

At the parallel market, the Naira was sold for N165 to one dollar, while the pound sterling and Euro exchanged for N258 and N199 respectively.



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