The naira notched a meager gain against the US dollar in the official market on Monday, extending the run of appreciation in the cash market segment to two business days.
According to data published on the Central Bank of Nigeria website, the naira closed at 416.32 naira to the dollar at the close of business on Monday. This implies an appreciation of N0.07 or 0.02% from the N416.39 it traded on Friday last week.
Over the past few weeks, the currency has been considerably stable at the OTC window, with the naira trading within the range of N416.00 and above the benchmark.
The lowest rate between the naira and the greenback in the official market last week was 416.45 naira, according to CBN data.
However, the local unit further depreciated in the country’s parallel state markets.
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Exchange offices in Uyo and Abuja said the naira was traded at 582.00 naira and sold at 585.00 naira for the dollar on the black market on Monday.
This is a devaluation of approximately N10.00 from N575.00 to a dollar range traded at the street market a fortnight ago.
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