The naira weakened further on Friday, trading at 360 to the United
States dollar at the parallel market, amid a rise in demand for dollars
by fuel importers.
According to Punch, the local currency stood at 341 at the
unofficial market on Thursday, a day after the Federal Government
announced the removal of fuel subsidy and a new petrol price band of
N135 to N145 per litre.
The government said fuel importers were allowed from now on to get
dollars from the parallel market to help ease acute shortages – likely
to result in increased demand for dollars, and more pressure on the
naira, as importers increased their orders.
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