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Naira Trades Flat at Black Market, Falls at I&E FX Window

By Modupe Gbadeyanka

The Nigerian Naira remained unchanged against the major foreign currencies at the parallel market on Wednesday.

However, the local currency depreciated at the Investors and Exporters (I&E) foreign exchange (forex) window.

Business Post reports that the Naira was exchanged at N363 per Dollar at the black market yesterday.

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In addition, the Nigerian currency was traded at N502 to a Pound at the same market, while it went for N440 to the Euro on Wednesday.

But at the I&E FX Window, the Naira declined to N360.37 to the Dollar against N360.22 it was sold the previous day.

The Naira, at the CBN window, was exchanged at N305.90, the same rate on Tuesday, but appreciated against the Pound to N423.86 on Wednesday in contrast to N425.26 it was exchanged the previous trading session.

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However, the local currency declined to N377.63 to the Euro at the CBN window from N377.57 it was sold on Tuesday.

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Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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