Naira gains ground in parallel market, depreciates in official market

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The Nigerian naira has shown mixed performance in the foreign exchange market, appreciating against the US dollar in the parallel market while depreciating slightly in the official market.

According to a Bureau de Change operator at Wuse Zone 4, “The naira gained N1590 against the dollar on Monday from N1600 traded last week on Friday.” This represents a significant gain of N10 in the parallel market

However, in the official foreign exchange market, the naira fell slightly by N1.16 to N1,548.52 on Monday from N1,547.36 exchanged last weekend.

The mixed performance highlights the ongoing dynamics in Nigeria’s foreign exchange market, with the parallel market rate often influencing investor sentiment and economic activity.

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