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Naira further sinks to all-time low at 334.50/$

CBN-Logo-Calamity once again befall Nigeria naira as it weakened to an all-time low of 334.50 against the dollar on the interbank market yesterday (Wednesday)
This come a day after the central bank hiked interest rates as a ploy to lure foreign investors back into local assets.
Reuters reports, the  naira fell 5.8 per cent on Wednesday from its opening rate, and $10 million was traded at the new record low.
Traders said investors were pushing the currency lower to test the limit of how far it can fall, given a spread of almost 12 per cent between the official and black market naira rates.
Although the local currency at the spot market berthed at N330.12 at the official closure of the interbank market, some traders speculated that there was extended trade which saw the naira closing at N334 to the dollar.
According to dealers, $10 million was traded at the new record low, even as investors were pushing the currency lower to test the limit of how far it can fall, given a spread of almost 12 percent between the official and black market naira rates.
The Nigerian currency opened at N377 and closed at N378 against the dollar by Wednesday afternoon, a rate it had maintained for two days running.
The naira weakened further against the Pound Sterling but retained its rate with the Euro as it exchanged for N492 and N413, from N490 and N413 it posted on Tuesday.

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