Naira gains strength as  dollars still records  high demand

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Naira at the parallel market strengthened by N70 to reach N1,380 per dollar on Friday, but declined to N1,339/$ on the official market, compared to Thursday’s close of N1,450/$1.

This represents a 2.29 percent decrease from N1,309 quoted yesterday.

Meanwhile the naira traded in the parallel market at N1,430/$, a 2.09 percent depreciation against N1,400 quoted on Thursday on the black market.

On the other hand, the local currency weakened to N1,339.23/$1 on the Nigerian Autonomous Foreign Exchange (NAFEM) window, representing a N29.42 decline, compared to the N1,309.81/$1 it closed at on Wednesday.

However, daily turnover on the NAFEM declined by 2.85 percent to $309.01 million compared to $318.08 million the previous day.  The highest spot rate stood at N1,410, with the lowest recorded at N1,051

Some Bureau De Change BDC operators said dollar scarcity was as a result of increasing demand.

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