Naira bounces back against Dollar after 3 days of depreciation

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The Nigerian naira has rebounded against the US dollar, ending a three-day depreciation streak. According to data from the Central Bank of Nigeria, the naira appreciated to ₦1,547.36 against the dollar on Friday, up from ₦1,549.41 on Thursday. This represents a daily gain of N2.05 at the official foreign exchange market.

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In the parallel market, the naira held steady at N1,600 per dollar, with a Bureau De Change operator in Abuja confirming the rate. “We buy a dollar at N1,590 and sell at N1,600 on Friday,” said Abubakar Alhasan, a BDC operator in Wuse Zone 4

On a week-on-week basis, the naira gained N2.73 at the official market and N6 in the parallel market. This recent appreciation is a welcome development for the Nigerian economy, and market watchers will be keen to see if the trend continues

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