· 
The naira, which rose to N180 against the
dollar shortly after the inauguration of President Muhammadu Buhari about a
month ago, has fallen to N222 at the parallel market due to a huge demand for
dollars by importers and investors.
Increasing business activities have made
importers and investors to move their foreign exchange demands to the parallel
market, putting pressure on the naira at the segment, it was learnt on Tuesday.
The dollar was sold for between 220 and
222 on the streets of Lagos, Abuja and Kano on Tuesday, while the pounds and
euro were sold for 350 and 249, respectively.
Analysts and foreign exchange dealers
said the future of the naira looked bleak, at least at the parallel market.
The Central Bank of Nigeria has been depleting
the external reserves in a bid to defend the local currency
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