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  • Business - Economy
  • Updated: February 07, 2024

Naira gains, appreciates to N1,445/$ in parallel market

Naira gains, appreciates to N1,445/$ in parallel market

The Nigerian naira (NGN) appreciated to N1,445 per dollar in the parallel market from N1,455 per dollar on Monday. However, the naira depreciated to N1,433.89 per dollar in the Nigerian Foreign Exchange Market (NAFEM).

Data gathered from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,433.89 per dollar from N1,419.86 per dollar on Monday, indicating N14.03 depreciation for the naira.

Consequently, the gap between the official and parallel market exchange rates narrowed to N11.11 per dollar yesterday from N35.14 per dollar last week.

Allnews.ng can note that the Nigeria Naira has suffered consistent depreciation in the money market against the United States dollar (USD) since the beginning of Q1 of the year 2024.

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