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Nigeria’s Naira Nears Convergence Between Official and Parallel Market Rates

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Vincent Nwanma

Vincent Nwanma is a seasoned analyst, columnist, and reporter with over 30 years of experience in business and economics journalism across Nigeria and Africa.
  • Official rate at N1,511.859 per dollar, parallel market rate at N1,520
  • Differential reduced to just about N8.141

 

Nigeria’s naira has moved closer to convergence between its official and parallel market rates on Thursday since it was floated a year ago. The currency traded at N1,511.859 to a dollar on the official market, according to the rate quoted on the Central Bank of Nigeria’s website on Thursday, and N1,520 on the parallel market. That reduced the differential between the rates in the markets to just about N8.141.

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