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Naira hits N305 for a dollar

Vanguard: LAGOS—The financial sector appears to have entered a heightened pressure, yesterday, as both the foreign exchange and stock market sustained major negative trends.

The Naira depreciated further to a 43-year low at N305 per dollar as scarcity of dollars intensified in the unofficial market.

From an average of N287 per dollar on Tuesday, the parallel market exchange rate rose to an average of N305 per dollar across the country.
Similarly, the new year stock market haemorrhage entered the eighth day yesterday, with a total N1.22 trillion losses to investors, giving a year-to-date decline of 12.36 per cent in market capitalisation.

About OracleZents

Zents Kunle Sowunmi grew up in a working class environment of Ekotedo Ibadan, Nigeria. He is a bold writer on African and social issues. Fondly called the “The Oracle” on the social media, he said, it is all about speaking and writing the truth; fear is the surrogate for pain; address it when it comes. Zents holds an MBA from the University of Ibadan and several Post Graduate Certifications from United Kingdom and United States of America. He is a widely traveled writer and author of “Before the Journey Became Home”, Ogun State: Policy of manipulation, “President Obama: Hero or Villain of Capitalism?” The Vultures and Vulnerable, his new book "Unequally Yoking" is now on sale on amazon.com.
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