Nigeria’s Naira Firms 8% After Hitting Record Low On Official Market

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The Nigerian currency, the naira, briefly firmed 8% on Wednesday to 394 to the dollar on the official market after dropping to a record low in early trades, Refinitiv Eikon data showed.

The naira had hit a record low of 425.90 to the dollar after opening at 407.24. At 1118 GMT, it traded at 405.84.

The naira has weakened recently on the official market after the cenral bank allowed it to slip on the official market, a possible move to unify Nigeria’s numerous exchange rates.

 

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