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The Naira weakened by 2.48 percent in early Tuesday trading as corporate demand for the US Dollar intensified. Opening rates at the Nigerian Foreign Exchange Market averaged ₦1,388.38, a sharp drop from the previous week’s close of ₦1,353.90. This sudden volatility tested the Central Bank of Nigeria’s new electronic matching system. Intraday rates even touched…
The Nigerian currency recorded its second consecutive daily depreciation in both the official Nigerian Foreign Exchange Market and the parallel market, reversing some of the gains achieved during February’s appreciation rally. The naira extended its losing streak against the United States dollar yesterday, depreciating across both the official and parallel foreign exchange windows as…
