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Naira Weakens to ₦1,465/$ at Parallel Market, Gains Slightly at Official Window
Naira slips to ₦1,465 per dollar at the parallel market but strengthens to ₦1,437.5 at the official window, widening the market gap to ₦27.5.
The Naira on Monday weakened further in the parallel market, trading at ₦1,465 per dollar, compared to ₦1,456 recorded last Friday.
However, in the Nigerian Foreign Exchange Market (NFEM), the local currency appreciated slightly to ₦1,437.5 per dollar, strengthening from ₦1,438.5 at the end of last week.
According to data released by the Central Bank of Nigeria (CBN), the modest gain in the official window represents a ₦1 appreciation for the naira.
With the latest figures, the gap between the parallel market and the NFEM rate has widened to ₦27.5 per dollar, up from ₦17.5 recorded the previous Friday.
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