Data from the FMDQ has revealed that the Naira experienced a decline against the Dollar in the foreign exchange market yesterday. The Nigerian currency concluded at N1508.99 against the Dollar, a decrease from the N1505.30 recorded the previous Friday, indicating a depreciation of N3.69 against the Dollar.
Conversely, in the parallel market, the Naira exhibited notable strength at N1510 per Dollar, up from N1515 traded the previous week, signaling a gain of N5 against the Dollar at the onset of yesterday’s trading session.
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Despite Nigeria’s foreign exchange reserves reaching $34.14 billion last Friday, a blend of trading sentiments was observed in both foreign exchange markets.
