NAIRA: Currency continues appreciation against Dollar in official markets – Reports

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The Nigerian naira has continued its upward trend against the US dollar at the official foreign exchange market. According to data from the Central Bank of Nigeria (CBN), the naira strengthened slightly to N1,534.52 against the dollar on Thursday, up from N1,534.83 recorded on Wednesday. This represents a marginal gain of 0.3 on a day-to-day basis.

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In contrast, the naira remained flat at N1,565 per dollar on the black market, trading at the same rate as the previous day. This stability in the parallel market suggests a degree of confidence in the currency.

The CBN has been working to stabilise the naira and promote its value. Recently, the apex bank’s spokesperson, Hakama Sidi Ali, advised Nigerians against “spraying, hawking, mutilating, or counterfeiting the Naira,” emphasising the importance of handling the currency with care and respect.

The naira’s continued appreciation against the dollar is a positive development for the Nigerian economy, and the CBN’s efforts to promote stability in the foreign exchange market are expected to have a lasting impact on the country’s economic growth and development.

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