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Naira tumbles against US dollar at foreign exchange market

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The Naira depreciated against the US dollar at the foreign exchange market on Wednesday.

Data from FMDQ showed that the Naira weakened to N882.24 per dollar on Wednesday from N878.61 on Tuesday.

The figure represents N3.63 loss or a 0.41 per cent decrease to close at N882.24 in the local currency compared to the N878.61 per US Dollar it closed on Tuesday.

Similarly, the Naira depreciated at the parallel forex market, with the exchange rate quoted at N1,365 per Dollar, representing 0.37 per cent on Tuesday.

The development comes as forex turnover dropped by 3.18 per cent to $56.60 million on Wednesday.

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This was barely 24 hours after the Naira recorded a gain in the foreign exchange market.

Last Friday and Monday, the country’s currency dropped against the US dollar.

The Central Bank of Nigeria governor, Olayemi Cardoso, in his address at the Nigeria Economic Group outlook for 2024 on Wednesday, pledged that the apex bank will work towards real price discovery in the foreign exchange market.

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