BREAKIING: Naira depreciates against Dollar in Official Market

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The Nigerian naira has returned to depreciation against the US dollar at the official foreign exchange market, ending the week on a negative note. According to the Central Bank of Nigeria’s exchange data, the naira weakened to N1,530.26 per dollar on Friday, down from N1,525.98 on Thursday, representing a decline of N4.28 per dollar.

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In contrast, the naira has remained stable at N1,550 per dollar in the black market, maintaining the same rate recorded since Tuesday. On a week-on-week basis, the naira dropped slightly against the dollar in the official market by N1.70 from N1,528.56 traded last week Friday. Meanwhile, it gained N20 in the parallel market.

Key Exchange Rates:

– Official Market: N1,530.26 per dollar (Friday), N1,525.98 per dollar (Thursday)

– Black Market: N1,550 per dollar (stable since Tuesday)

– Week-on-Week Change:

    – Official Market: N1.70 decline from N1,528.56

    – Parallel Market: N20 gain

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