Naira appreciates in official market but falls in parallel market

The Naira appreciated in the official market on Monday, February 5.

Data obtained from the FMDQ showed the Naira appreciated by 1.09 per cent to close at 1,419.86/$ in contrast to exchanging for N1,435.53/$ on Friday, February 2.

This occurred after the Central Bank of Nigeria Governor, Olayemi Cardoso, reassured Nigerians that the apex bank is making efforts to tackle the volatility of the currency.

However, in the parallel market, Naira exchanged between 1,440/$ and 1,460 at the close of trading on Monday. In same market, Naira exchanged at N1,450/$ on Friday. This was blamed on people buying to hoard.

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