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Naira Dips to N1,410/$ in Parallel Market, NFEM Rate Hits N1,391/$
The naira weakened in both parallel and official markets, trading at N1,410/$ and N1,391/$ respectively, amid ongoing depreciation pressures.
The naira depreciated further in the parallel market on Wednesday, exchanging at N1,410 per dollar, compared with N1,405 per dollar on Tuesday.
In the Nigerian Foreign Exchange Market (NFEM), the local currency also weakened, trading at N1,391 per dollar.
According to the Central Bank of Nigeria (CBN), the naira’s indicative exchange rate rose to N1,391 per dollar from N1,383.5 per dollar on Tuesday, reflecting a N7.5 drop in value.
The difference between parallel and official market rates narrowed slightly to N19 per dollar from N21.5 per dollar previously.
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