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Naira Watch

Naira continues recovery at black market after big fall

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Naira exchanges for N562 per dollar, as CBN moves to stop the slide

Naira continued its good performance against the U.S. dollar at the parallel market on Wednesday after crashing to an all-time low of N710.00 last week.

Currency traders who spoke to Ripples Nigeria in Lagos confirmed that Naira exchanged at N665 to a US dollar compared to N670/$1 sold on Tuesday.

Similarly, at the peer-to-peer market, Naira rose to N616.66/$1 on Thursday morning from N652.5/$1 recorded on Wednesday, representing a rally of 5.5% compared to the previous day.

This follows a shocking depreciation the previous week recorded when the naira fell to a record N705/$1 due to FX scarcity and panic buying.

Read also: Naira drops at official, black markets

The exchange rate between the naira and the US dollar closed at N429.2/$1 at the Investors and Exporters (I&E) window, where forex is traded officially.

Naira closed on a positive note on Wednesday, with a 0.34% appreciation against the US dollar to close at N429.2/$1 compared to N430.67/$1 recorded in the previous trading session.

A total of $123.78 million was traded in the market on Wednesday, representing a 21.9% increase when compared to the $158.68 million traded on Tuesday.

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