Naira Hits 27-Week high, gains strength against Dollar

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The Naira has recorded its strongest performance in 27 weeks, appreciating to ₦1,495 per dollar in the Nigerian Foreign Exchange Market (NFEM), a level last seen in February this year.

According to data released by the Central Bank of Nigeria (CBN), the exchange rate improved from ₦1,503.5 per dollar last Friday, reflecting an ₦8.5 gain for the local currency.

In the parallel market, the naira also firmed up, trading at ₦1,525 per dollar compared to ₦1,538 per dollar the previous weekend.

As a result, the margin between the NFEM and the parallel market rates has narrowed, closing at ₦30 per dollar from ₦34.5 per dollar recorded last weekend

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