The naira edged lower on Wednesday, ending a period of relative stability in the foreign exchange market. The highest bid rate of the trading day reached N1,550 per dollar.
Figures from the Central Bank of Nigeria (CBN) showed the currency depreciated by N2.53, with the dollar quoted at N1,538.68 on the Nigerian Foreign Exchange Market (NFEM), compared to N1,536.15 the previous day.
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In the parallel market, the naira also weakened due to rising demand for the dollar. It closed at N1,585 per dollar, down from N1,580 on Tuesday.
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