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Nigerian Naira appreciates against Dollar at parallel Market

The Naira has gained strength against the American Dollar and Euro at parallel market as the Nigerian currency trades at N500, N364 and N440 against the Pound Sterling, Dollar, and Euro respectively

This recent development can be credited to the intervention of the CBN at the foreign exchange market as the Central Bank of Nigeria injected another $210 million to meet customers’ requests in the forest market.

It was reported on Tuesday, January 23, that the local currency gained one point against the greenback to close the day at N364/$1.

However, the Nigerian currency closed the day at N440 and N500 against the Euro and Pound Sterling respectively.

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