NIGERIA’S CURRENCY TUMBLES AGAIN

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Nigeria’s currency, the naira, has fallen more than 5% to a new record low against the US dollar on the black market, as a dollar shortage persists, Reuters news agency reports.

Low prices for oil, the West African Country’s main foreign currency earner, have drained foreign exchanges, it adds.

Quoting one dealer as saying that ”Dollar is very scarce in the market right now because many people don’t know how low it will fall in the near term, so people are holding on to their hard currencies in order to watch the direction of the market”

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