Business Naira Falls Across Market Segments as CBN Adjusts Exchange Rate

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LequteMan

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The Naira depreciated across all market segments yesterday following a slight adjustment by the Central Bank of Nigeria in the currency's exchange rate.

naira dollar.jpg

Following CBN's adjustment of its clearing rates to N197/$ from N196.65k/$, Naira weakened against dollar by N1 or 0.42 percent at the Bureau De Change segment and N1.50k/$ or 0.62 percent at the parallel market.

Consequently, after trading on Wednesday, the local currency closed at N241/$ compared to N240/$ the previous day at the BDC segment and N242.50k/$ as against N241/$ on Tuesday at the parallel market.

At the inter-bank market, naira slide by N0.36k or 0.18 percent against the dollar as it closed at N198.04k/$ compared to N197.68k/$ the previous day according to data obtained from Financial Markets dealers Quotations (FMDQ).

Source: BusinessDay
 
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