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Naira Dips Further, Now N1,300/$ On Official Market, N1,270/$ On Parallel Market

The naira has, despite its recent bounce back, continued to weaken, closing at N1,300/$ on the official market on Tuesday.

The naira, at both the official and parallel markets, continued to slide on Tuesday,, despite the sale of the greenback to BDC operators.

At the Nigerian Autonomous Foreign Exchange Market (NAFEM) window on Tuesday, the naira closed at N1,300/$, which was a N65.51 decline compared to N1,234.49/$1 it closed on Monday. 

Similarly, on the parallel market it weakened to N1,270/$1, compared to the N1250/$1 it exchanged on Monday.

But the daily turnover saw an increase of 21.3 percent, reaching $133.65 million on Tuesday, compared to the $110.17 million recorded on Monday. The highest spot rate observed on Tuesday stood at N1,317, with the lowest spot rate recorded at N1,000

James Emejo and Nume Ekeghe

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