The demand for dollars surged yesterday as the Central Bank of Nigeria (CBN) could only meet 36 per cent of demand.
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?As a result, the naira shed 168 kobo against the dollar at the official market. At the interbank, the naira also depreciated, closing at N158.90 to the dollar, compared to N158.60 at which it closed on Friday.
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The CBN could only supply $250 million, far less than the $694 million that was demanded at the bi-weekly auction. The uncertainty about the ability to meet demand has spurred apprehension in the market.
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At the parallel market, the naira appreciated, closing at N160 to the dollar, compared to N161 at which it closed last week.
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The CBN three weeks ago announced that it would consider devaluing the naira to N155/N156 depending on the market outlook