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Naira Weakens to N1,474/$ in Parallel Market
Naira depreciates to N1,474/$ on the parallel market while strengthening to N1,441/$ officially, widening the gap to N33, according to CBN data.
The Naira yesterday slipped to N1,474 per dollar in the parallel market, down from N1,465 per dollar recorded on Monday. In contrast, the currency strengthened in the Nigerian Foreign Exchange Market (NFEM), appreciating to N1,441 per dollar.
Updated exchange-rate figures released by the Central Bank of Nigeria (CBN) showed that the official rate improved to N1,441 per dollar, compared with N1,452 per dollar on Monday — marking an N11 gain for the Naira.
With this movement, the gap between the parallel market rate and the NFEM widened significantly, expanding to N33 per dollar, up from N13 per dollar the previous day.
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