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Headline : Naira loses grip in black market as U.S dollar takes front foot

Read more from the original article on here at nairametrics.com.






Tags : #naira #loses #grip #black #market #us #dollar #takes #front #foot


No. of Paragraph 31

The U.S dollar index was back on the front foot on Wednesday, making modest gains after earlier losses from renewed bets on Federal Reserve rate cuts this year, while the naira traded near its low amid high demand for the haven currency in Africa’s largest economy

At the NAFEM spectrum, the naira dropped to N1,416.57 per dollar from N1,354.21 per dollar on Monday, according to data from FMDQ

On the black market, the value of the Naira dropped from N1,410 per dollar on Monday to N1,415 per dollar on Tuesday.

Consequently, the rate differential between NAFEM and the parallel market dropped from N55.79 per dollar on Monday to N1.57.

Read more from the original article on here at nairametrics.com.


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