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Markets

Nigerian naira weakens marginally in early trade

Published December 5, 2014 Updated December 5, 2014 02:12pm
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By Shoaib Ur Rehman
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imageLAGOS: The Nigerian naira weakened slightly in early trade on Friday, dealers said.

It opened for trade at 180.50 to the dollar, and eased to 180.62 at 0818 GMT.

It closed at 180.10 the previous day.

The currency remains below a new target band of 160-176 to the dollar, set by the central bank last week after it devalued the currency by 8 percent.

The naira has been hit by falling oil prices and the central bank has been intervening heavily since the devaluation to prop it up.

Copyright Reuters, 2014

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