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Naira strengthens to N1,387/$ in parallel market

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3 months ago

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The naira recorded a marginal gain in the parallel market yesterday, appreciating to N1,387 per dollar from N1,389 per dollar last Friday.

However, the local currency weakened at the Nigerian Foreign Exchange Market (NFEM), closing at N1,349.7 per dollar.

Data released by the Central Bank of Nigeria showed that the indicative exchange rate rose from N1,342.5 per dollar over the weekend to N1,349.7 per dollar, representing a depreciation of N7.2.

Consequently, the margin between the parallel and official markets narrowed to N37.3 per dollar from N47.5 per dollar last weekend.

The NFEM turnover for the interbank foreign exchange market stood at N18.77 million yesterday, down by 84.9 percent from N124.3 million last week Friday.

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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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