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Naira weakens to 410/dollar
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Naira weakens to 410/dollar

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The naira weakened to 410 per dollar against the United States currency on Tuesday, down from 405/dollar

 

recorded on Monday.

This was despite the Central Bank of Nigeria’s attempt to improve dollar supply and prop up the local unit.

The CBN had on Monday auctioned $100m in forwards to be settled between one week and 30 days’ time, as against 60-day contracts it had written previously, shortening the settlement period on forward contracts to inject liquidity.

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