LAGOS, Sept 28 (Reuters) – The Nigerian naira plunged further to a new record low on Wednesday, down 1.76 percent against the dollar on the parallel market even as dollar supplies dry up.

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The local currency fell to 460 to the dollar on the black market, down from 452 at the close of trading on Tuesday.

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Though the naira closed at 305.50 to the dollar on the official interbank market against 305 a dollar the previous day, traders said dollar liquidity remains a major challenge in the market. “Trading has continue to be thin on the interbank market as the dollar shortage persists while demand for the greenback remains strong,” one dealer said.

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