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Naira Set To Depreciate

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The naira is seen depreciating slightly on the black market this week on an expected increase in dollar demand by small businesses and people planning for summer holidays.

Currency traders say they expect the naira depreciate on as the summer holiday period approaches unless the central bank increases dollar supply to the market to cater to the likely increase in demand.

The naira closed the week at 304.90 to the dollar on the interbank while it traded at around 370 to the dollar on the black market.

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