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Naira Under Pressure As Dollar-To-Naira Rate Hits New Level Today
The Nigerian naira recorded a slight improvement against the United States dollar at the official foreign exchange market on Wednesday, as the local currency continued to fluctuate amid ongoing market pressures.
According to Bush Radio Academy, data from the Central Bank of Nigeria showed that the naira closed at ₦1,326.6862 per dollar on Wednesday, compared with ₦1,329.4300 recorded on Tuesday.
The latest figure indicates a modest appreciation of the naira against the dollar at the official market.
However, trading at the parallel market painted a different picture, with the naira reportedly closing at about ₦1,405 to the dollar on Wednesday.
Market rates offered by commercial banks, Bureau de Change operators and other foreign exchange dealers may vary from the official reference rate due to transaction margins, market demand and the availability of foreign currency.
Attention is now expected to remain focused on foreign exchange inflows, demand for the dollar and monetary policies introduced by the Central Bank of Nigeria, as market watchers assess whether the naira can maintain its recent gains in the coming days.
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