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The Naira depreciated against three major currencies at the interbank market on Wednesday.
The local unit depreciated by
Dollar - 0.23% to 314.77
Pound - 3.1 to 422.64
Euro - 0.33% to 352.46
At the parallel market, the Naira firmed by 0.47 percent to 423 against the Dollar, but fell 0.56 percent to 540 against the British Pound, and traded flat at 465 against the Euro.
Traders are optimistic that the Naira may appreciate this week, following the re-reinstatement of the eight banks previously banned by the Central Bank Nigeria (CBN) from the Forex market, and the licensing of 11 new international money transfer operators, to address the Dollar supply.
The local unit depreciated by
Dollar - 0.23% to 314.77
Pound - 3.1 to 422.64
Euro - 0.33% to 352.46
At the parallel market, the Naira firmed by 0.47 percent to 423 against the Dollar, but fell 0.56 percent to 540 against the British Pound, and traded flat at 465 against the Euro.
Traders are optimistic that the Naira may appreciate this week, following the re-reinstatement of the eight banks previously banned by the Central Bank Nigeria (CBN) from the Forex market, and the licensing of 11 new international money transfer operators, to address the Dollar supply.