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Naira Falls to Record Low Against the Dollar as Reserves Fall

The naira weakened 0.27% to 435.60 to the greenback on the spot market as of 12:52pm local time in Lagos, the lowest the currency has ever traded, according to Bloomberg data. In the parallel market, where the currency is freely traded, the naira weakened to 691.13 from 689.23 on Monday, according to @naira_rates, a twitter handle that tracks the rates. 

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