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Naira depreciates by 4%, drops to N1,035/$ at official market

FMDQ Securities Exchange data revealed a range between N700 and N1,224 for the dollar. Trading started at N932.67 and closed at N1035.12, with a daily turnover of $85.68 million

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On Wednesday, the official exchange rate of the Naira reached N1035.12 per dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM), marking a 4.72% decline from N988.46/$ on the first trading day of 2024.

FMDQ Securities Exchange data revealed a range between N700 and N1,224 for the dollar. Trading started at N932.67 and closed at N1035.12, with a daily turnover of $85.68 million.

Concurrently, the parallel market saw a 1.23% depreciation to N1,230 on Wednesday, despite forecasts predicting a Naira recovery in 2024 by experts like Bismarck Rewane and CBN Governor Olayemi Cardoso.

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