dollar at the unauthorised market on Thursday, information gathered from currency traders across the country showed.
However, the local currency gained slightly against the dollars on the Investors and Exporters window on Thursday, according to market records published on theReacting to this, Razaq Fatai, an Abuja-based Economist, said the main catalyst behind the decline in the currency’s value is shortage of dollars amid soaring demand.
Mr Fatai said dwindling confidence in the domestic currency has led Nigerians to take an unfavourable position on the Naira, leading them to prefer holding their savings in dollars.
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