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Forex

Naira Plunges Against Dollar as Demand Shifts and Supply Falls Short

Guavy AI Editorial Team
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USD
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The Nigerian naira has lost ground against the US dollar at the official foreign exchange market. According to data released by the Central Bank of Nigeria (CBN), the spot FX rate depreciated to N1329.2129 per dollar on Wednesday, from N1320.2469 the previous day.

The spot rates hovered between N1321.5000 and N1334 per dollar during the trading session at the Nigerian Foreign Exchange Market (NFEM) on Wednesday.

Separate FX traders at Broadstreet told MarketForces Africa that the market experienced a US dollar shortfall on the supply side, which halted the local currency's rally.

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