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Naira Down To ₦1,379 Per Dollar

CBN data showed that the indicative exchange rate for the market rose slightly to N1,379 per dollar from N1,371 per dollar on Monday, indicating N8 depreciation for the naira.  The naira Tuesday depreciated to N1,379 per dollar in the Nigerian Foreign Exchange Market (NFEM), according to data from the Central Bank of Nigeria (CBN). The…

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CBN data showed that the indicative exchange rate for the market rose slightly to N1,379 per dollar from N1,371 per dollar on Monday, indicating N8 depreciation for the naira. 

A man counts bank notes at the market in Jibia on February 18, 2024. – Nigeria, which shares 1,600 km of border with its neighbor, was until now one of Niger’s main trading partners with $193 million in exports in 2022 according to the United Nations (electricity, tobacco, cement, etc). Since the border closure, it has even been a double whammy for the local population, who have seen food prices explode under the combined effect of new movement restrictions and galloping inflation after the Nigerian president , Bola Ahmed Tinubu, in office since May, implemented economic reforms which plunged the country into crisis. (Photo by Kola Sulaimon / AFP)

The naira Tuesday depreciated to N1,379 per dollar in the Nigerian Foreign Exchange Market (NFEM), according to data from the Central Bank of Nigeria (CBN).

The currency also slipped to N1,405 per dollar in the parallel market from N1,400 per dollar on Monday.

CBN data showed that the indicative exchange rate for the market rose slightly to N1,379 per dollar from N1,371 per dollar on Monday, indicating N8 depreciation for the naira.

READ ALSO: Oil Jumps 5% After Trump Says Iran Ceasefire Over

Consequently, the margin between the parallel and official markets narrowed to N26 per dollar from N29 per dollar on Monday.

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