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Naira stable against dollar across FX markets

After its free fall for most of last week, the local currency was stable at both the Investors and Exporters’ (I&E) window and the parallel market yesterday.

 

According to FMDQ, naira closed at N412 per dollar at the I&E window and also remained stable at N495/$1 on the parallel market.

 

Analysts have attributed naira’s recent volatility to speculation triggered by the Central Bank of Nigeria (CBN)’s recent adoption of the I&E rate as the official exchange rate.

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