Naira continues to depreciate against Dollar at Foreign Exchange Market

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The naira has continued its downward trend against the dollar at the official foreign exchange market. According to the Central Bank of Nigeria’s data, the naira weakened slightly to N1,531 per dollar on Wednesday from N1,529.22 exchanged on Tuesday. This represents a depreciation of N1.78 against the dollar on a day-to-day basis, marking the highest depreciation this week.

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In contrast, the naira remained stable at the black market, trading at N1,550 per dollar on Wednesday, unchanged from the previous day.

This development comes as CardinalStone’s mid-year outlook predicts a rise in Nigeria’s external reserves to $41 billion by year-end. The forecast suggests a positive outlook for the country’s foreign exchange position, despite the current challenges faced by the naira

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