Naira Depreciates Against Dollar At Official Market(See New Rates)

• The naira depreciated against the dollar at the official foreign exchange market.

• According to FMDQ data, the naira weakened to N1,543.03 against the dollar on Friday.

• However, at the unofficial market, the naira appreciated against the dollar.

The naira ended the week on a negative note, depreciating against the dollar at the official foreign exchange market.

According to FMDQ data, the naira weakened to N1,543.03 against the dollar on Friday, losing N1.8 from N1,541.23 per dollar recorded on Thursday.

This development comes after the naira recorded its first appreciation against the dollar on Thursday.

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The Central Bank of Nigeria (CBN) had launched the non-resident Nigerian ordinary accounts and non-resident Nigerian investment accounts for citizens in the diaspora to spur FX remittances.

However, at the unofficial market, the naira appreciated against the dollar, closing at N1,655 per dollar on Friday, gaining N5 from N1,660 recorded the previous day.

Naira appreciates to N1,650/$ in parallel market

The Naira appreciated N1,650 per dollar in the parallel market, compared to N1,655 on Monday.

Similarly, the Naira appreciated to N1,535 per dollar in the official foreign exchange market.

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