The Naira experienced an appreciation against the U.S. Dollar at Nigeria’s official foreign exchange market on Wednesday, showing signs of recovery after a week of negative performance. According to the Central Bank of Nigeria, the Naira improved to a rate of N1,530.52 per dollar from the previous day’s rate of N1,532.93.
In contrast, the parallel market witnessed a depreciation of the Naira, with the currency closing at N1,585 per dollar on Wednesday, down from N1,580 the day before. This fluctuation highlights the ongoing volatility in currency exchange, despite the recent strengthening.
Amid these market dynamics, the Centre for the Promotion of Private Enterprise has issued a caution regarding the potential impact of Dangote Refinery’s pricing strategy. The refinery’s decision to price petroleum products in dollars could intensify pressure on the Naira, potentially leading to further depreciation in the future.
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