On Monday, 5th December 2016, the naira took a fall again as it dropped to 485 against the dollar and 600 against the British pound in the parallel market. However, at the official side of the market, the naira depreciated from 305 to 315 per dollar, while one pound went for 401 naira.

This is coming at a time when the Central Bank of Nigeria (CBN) is making special forex auction for oil exporters in the country. Hence, it has necessitated the CBN auction, which is expected to trade dollars below 300 naira.

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