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Naira falls on I&E window

The naira weakened against the dollar on the Investors & Exporters (I&E) window of the foreign exchange market yesterday, closing at N418.07 per dollar compared with N417.19/$1 at the previous trading session, according to data posted on the Central Bank of Nigeria’s (CBN) website. However, the local currency continued its recovery at the parallel market yesterday, strengthening to N665/$1 compared with N668 per dollar on the previous day. The naira had dropped to a record low of N710 per dollar at the parallel market last week. New Telegraph reports that on Friday, the Director, Corporate Communications Department, at the CBN, Mr. Osita Nwasinobi, issued a statement urging Nigerians not to panic over the sharp drop in the value of the naira at the parallel market, last week. He said the apex bank would continue to make deliberate efforts to avoid further depreciation of the naira.

 

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