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Naira slumps against dollar in official, parallel markets

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8 months ago

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The naira fell against the United States dollar at both the official and parallel foreign exchange markets on Monday, beginning the week on a negative note.

According to data from the Central Bank of Nigeria, the naira closed at N1,437.29 per dollar, down from N1,436.58 recorded at the end of trading on Friday.

This means the local currency weakened by N0.71 compared to last week’s closing rate.

Similarly, the Naira also declined by N15 to N1,465 per dollar on Monday down from N1;450 lon Friday.

The development comes despite the continued rise in Nigeria’s external reserves, which stood at $43.35 billion as of November 7th, up from $43.32 recorded the previous day, according to CBN data.

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Pearl Essien is a digital content creator and a graduate of the prestigious University of Calabar. With over four years of experience in writing, she specializes in crafting engaging stories that inform and inspire readers. Outside of her work, Pearl enjoys storytelling, reading, and playing table tennis, bringing the same curiosity and passion to her hobbies as she does to her writing.

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