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Naira gains slightly against Dollar at official market

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Despite the biting dollar crunch, Nigeria’s Naira gained 0.10 per cent against the US Dollar to close at N436.04 compared with the N436.50/$1 it was trading at the spot market on Monday.

Naira appreciation comes as the dollar supply to the Investors and Exporters (I&E) segment of the foreign exchange (forex) market dropped by 16%.

According to FMDQ Securities Exchange data, the total trade on Tuesday stood at $83.71 million from $99.78 million recorded on Monday.

At the black market, the value of the local currency also appreciated to the dollar by N2 or 0.28 per cent to trade at N703/$1 in contrast to N705/$1 on Monday.

While in the interbank segment of the market, the Naira witnessed a downward movement against the Euro to close at N436.48/€1 compared to N435.11/€1 on Monday.

Also against the Pound Sterling, the value of Naira depreciated to N502.95/£1 from N501.36/£1 it exchanged on Monday.

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