Naira weakens against dollar at parallel market

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The naira on Monday depreciated by 0.8 percent to exchange at N265 to
the dollar at the parallel market.
The greenback lost N2 to the dollar from its weekend value of N263.
However, at the official interbank window, the naira exchanged at N197
to the dollar.
Traders at the market were hopeful that the naira would rebound in
2016 if the apex bank continued to enforce its policies at the foreign
exchange market.
Besides, the price of crude oil at the international market hedged up
to 38.9 dollars per barrel from about 35.7 dollars per barrel at the
weekend.
Oil prices rose on Monday after a breakdown in diplomatic ties between
Saudi Arabia and Iran that some speculated could result in supply
restrictions.
Saudi Arabia, the world’s biggest oil exporter, cut diplomatic ties
with Iran on Sunday in response to the storming of its embassy in
Tehran following Riyadh’s execution of a prominent Shi’ite cleric on
Saturday. (NAN)

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