The nation’s currency, the naira, on Tuesday,
strengthened against the US dollar by N0.96k or
0.48 percent at the inter-bank foreign exchange
market after the Central Bank of Nigeria (CBN)
again adjusted its clearing rate to N196.60k.
With the adjustment on Tuesday, the clearing rate
weakened against the greenback by N6.90k or 3.63
percent depreciation.
Consequently, after trading on Tuesday, the local
currency closed at N197.33k/$ as against
N198.29k/$ the previous day, data from Financial
Markets Dealers Quotations (FMDQ) indicated.
The clearing rate, which is the official exchange
rate, was on Monday adjusted by the CBN to
N190.00k/$, while naira gained over the US dollar
by N0.55k or 0.28 percent at the inter-bank
foreign exchange market.
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