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The Naira has recorded gains against the dollar in both official and parallel foreign exchange markets on Wednesday, marking a reversal of fortunes after days of depreciation. According to data from the Central Bank of Nigeria, the Naira firmed up to N1,534.83 on Wednesday from N1,537.09 traded on Tuesday, representing a daily gain of N2.26.
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In the parallel market, the Naira also gained N5 against the dollar, closing at N1,565 on Wednesday, up from N1,570. This comes after the Naira depreciated against the dollar on Monday and Tuesday this week.
The Naira’s gains in both markets suggest a positive trend, potentially driven by increased dollar supply or improved market sentiment. As the local currency continues to navigate the challenges of the foreign exchange market, stakeholders will be closely monitoring developments to assess the sustainability of this trend
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Jonathan Nwokpor
