Naira hits N820 per dollar as demand rises further

Naira on Monday further weakened by 1.09 percent following increased demand for dollars in the parallel market, also known as black market.

During the morning trading on Monday, dollars were quoted at the rate of N820 as against the average rate of N811 on Friday.

“Individuals, especially those who want to travel for business or holiday are the ones buying dollars. We have dollars in the market, ” a trader told BusinessDay.

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At Investors and Exporters ( I&E), Naira depreciated as the dollar was quoted at N803.90 on Friday as against the previous close of N746.28 on Thursday, data from the FMDQ indicated.