Naira depreciates against Dollar in Parallel Market ‐ Reports

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The Nigerian naira has depreciated against the US dollar in the parallel market, trading at N1,555 per dollar from N1,540 per dollar on Monday. Similarly, the naira depreciated to ₦1,536 per dollar in the Nigerian Foreign Exchange Market (NFEM) from ₦1,535 per dollar on Monday, indicating a ₦1 depreciation

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The margin between the parallel market and NFEM rate has widened to N19 per dollar from N5 per dollar the previous day. According to the Central Bank of Nigeria (CBN), the exchange rate for the naira rose to N1,536 per dollar from N1,535 per dollar on Monday.

In a recent development, the naira has shown mixed performance, with some analysts predicting a rebound following the rise in external reserves and crude oil production increase. The gap between the official and black market exchange rates has narrowed, with some reports indicating a difference of less than N2. However, the current depreciation has widened the gap to N19 per dollar.

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