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BUSINESS & ECONOMYCOVERNEWSLETTER

Naira Shed 0.86% Against Dollar at Spot FX Market

The Naira dropped 0.86% to the Dollar on Friday, September 9, to close at N310.64 compared with a leap of 2.02% recorded on Thursday when the Dollar traded at N308 at the interbank or spot FX market.

At the Central Bank, N305 was exchanged for one US dollar compared to N305.5 it was exchanged for previously, one Pounds Sterling was sold for N406 against N407.8 it sold for on Thursday and one Euro traded at N343.6 compared to N345.2 it was traded for yesterday.

The Nigerian currency also weakened at the parallel market as N424 was exchanged for one Dollar compared to N421 on Thursday.

Similar performance was recorded for the Pounds Sterling and Euro which sold at N550 and N472 respectively compared to previous day’s rate of N543 and N465 respectively.

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