Naira on Monday depreciated further at the parallel market amid growing shortage of the currency.

According to NAN reports, Naira lost N5 to exchange at N297 to the dollar, representing a depreciation of 1.7 per cent.

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It traded previously for N292 to the dollar over the weekend and at the official interbank window, the dollar remained at N197.

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Traders at the market expressed concerns at the widening gap between the price of foreign exchange at the official interbank window and that at the parallel market.

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They were, however, hopeful that the directive of the apex bank to money deposit banks to reopen domiciliary accounts could redress the shortage of dollars.