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According to data from FMDQ, the Nigerian Naira appreciated slightly against the US dollar and other currencies in the foreign exchange market.
The Naira recorded a gain to trade at N1,469.97 per US dollar on Wednesday, representing a 0.6 per cent or N9.5 gain compared to Tuesday’s closing rate of 1,433.89.
However, the Naira’s value against the dollar is N50 lower than the rate at the start of the trading week on Monday, when it was valued at N1,419.86. On the Parallel Market, the Naira dropped to N1,490 per Dollar on Friday from N1,440 on Thursday.
Meanwhile, the Governor of the Central Bank of Nigeria, Olayemi Cardoso, assured of exchange rate stability when speaking to the Senate Joint Committee on Banking, Insurance, and Financial Institutions.
This comes after recent reforms by the CBN, which saw the Naira’s value rise to N1,500 per dollar from N891.
