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Naira Drops Against US Dollar In Official And Black Markets
Photo: Daily Post
Nigeria’s currency fell sharply against the United States dollar at the end of the week, Daily Post reported. Figures released by the Central Bank of Nigeria revealed that the naira traded at N1,361.84 per dollar on Friday, marking a slide from Thursday's rate of N1,344.40.
The local currency also suffered a setback in the unofficial market, slipping to N1,385 for a dollar on Friday from N1,377 recorded the day before. This downturn meant that the naira weakened across both official and parallel foreign exchange segments during the Friday trading session.
The decline occurred even though Nigeria's foreign external reserves expanded to $55.16 billion on Thursday, according to central bank reports. Throughout the reviewed week, the national currency experienced greater downward pressure than gains against the American dollar across all exchange platforms.
Sources: Daily Post
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