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This depreciation represents a considerable reduction in the currency’s value in the unofficial market.
In contrast, the Naira rose on the official foreign currency market, reaching N1,534.6 per dollar.
According to the Central Bank of Nigeria’s (CBN) Daily Nigerian Foreign Exchange Market (NFEM) data, the indicative exchange rate rose by N10.4 per dollar from N1,545 on Wednesday.
As a result of these changes, the gap between the parallel market rate and the official rate widened dramatically. The margin increased to N133.4 per dollar yesterday, up from N55 earlier this week.
According to Tribune Online, the Naira traded at N1,1600 per dollar in the parallel market on Wednesday, up from N1,585 per dollar the previous day.
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