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The naira has continued to appreciate against the dollar at the official foreign exchange market.
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According to the Central Bank of Nigeria’s data, the naira strengthened to N1,531.25 per dollar on Wednesday.
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However, on the black market, the naira depreciated to N1,555 per dollar on Wednesday.
The naira continued its appreciation against the dollar on Wednesday at the official foreign exchange market after the Eid-el-Fitr holidays.
According to the Central Bank of Nigeria’s data, the naira strengthened to N1,531.25 per dollar on Wednesday, up from N1,536.82 recorded last Friday.
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This appreciation represents a gain of N5.57 per dollar on a day-to-day basis. The development is a welcome respite for the Nigerian currency, which has been experiencing fluctuations in recent times.
However, on the black market, the naira depreciated to N1,555 per dollar on Wednesday, down from N1,550 traded on Friday before the Eid-el-Fitr holidays.
The Central Bank of Nigeria had announced over the weekend that the Net Foreign Exchange Reserve (NFER) stood at $23.11 billion, the highest level in over three years.
Naira-for-Crude Suspension: Petrol Price Hike Looms as Talks Drag, Imports Rise
The price of Premium Motor Spirit (petrol) may rise further due to the increase in the landing cost of imported PMS and the suspension of the naira-for-crude deal between the Dangote refinery and the Federal Government.
The landing cost of imported petrol has increased by N88 in one week, rising from N797 per litre to N885 per litre, which may reflect on the pump prices of the commodity in the coming days.
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