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Naira Weakens Against Dollar in Official Forex Market |
The Naira weakened against the dollar in the official foreign exchange market on Monday.
According to FMDQ data, the Naira closed at ₦1508.99 per dollar, down from ₦1505.30 recorded last Friday.
This represents a slight depreciation of ₦3.69 against the dollar compared to Friday's rate.
However, in the parallel market, the Naira strengthened to ₦1510 per dollar on Monday, up from ₦1515 at the close of last week.
This indicates a ₦5 gain against the dollar at the start of trading on Monday.
The data shows that the difference between the official and parallel FX markets stood at ₦1.31.
These mixed trading sentiments come amid an increase in Nigeria’s foreign exchange reserves, which reached $34.14 billion last Friday.
It is worth noting that last week, the Central Bank of Nigeria directed all banks to deposit any excess foreign exchange to its branches in Lagos and Abuja.
