In the recent developments at the parallel market, the Nigerian naira is now trading at N1506/$, witnessing a significant increase from its previous rate of N1,410/$. On the official market front, the Naira’s exchange rate stands at N1,349, compared to the previous day’s N891.90/$. Notably, the official window recorded an intra-high of N1,410.
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This shift coincides with the Central Bank of Nigeria’s release of $500 million to address the backlog of verified forex transactions across various sectors. The injection of funds aims to stabilize and streamline foreign exchange operations in the country.
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