After a period of depreciation, the Nigerian Naira has rebounded, gaining N61.38 against the US Dollar in the official foreign exchange market.
According to data from FMDQ, the Naira experienced a significant surge, rising by N1459.02 per Dollar on Wednesday, as opposed to N1520.40 recorded on Tuesday. This marks a substantial 4.2 percent increase against the Dollar compared to the previous day’s performance.
Conversely, in the parallel market, the Naira saw a slight decline to N1515 per Dollar from the previous rate of N1520.
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It is noteworthy to recall that Bureau De Change operators had previously attributed the Naira’s depreciation to insufficient foreign currency allocation by the Central Bank of Nigeria. READ THE FULL ARTICLE
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