BREAKING: EXCHANGE RATE APPRECIATES TO N1,610/$1 IN PARALLEL MARKET
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The Nigerian naira strengthened against the U.S. dollar on the parallel market on Friday, closing at N1,610/$1, representing a N20 advance in a single day.
On Thursday, the naira closed at N1,630/$1.
The value of the British pound declined by 0.50% against the naira, from N2,010/£1 the day before to N2,000/£1 on Friday.
At N1,655/€1, the euro likewise fell, indicating a 0.91% increase in the value of the naira relative to the euro.
The Central Bank of Nigeria (CBN) announced an official currency rate of N1,493/$1 as of Thursday, which prompted the most recent movement on the parallel market.
The naira is currently trading at N1,507.40/$1 (buying rate) and N1,508.40/$1 (selling rate), according to the CBN’s rates on Friday.
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