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In a notable shift, the Naira saw gains in both the parallel and official markets on Tuesday. On the parallel market, the Naira strengthened to close at N1,350 against the dollar, a positive change from the N1,400 closing rate observed on Monday. Meanwhile, in the official Nigerian Autonomous Foreign Exchange (NAFEM) window, the Naira appreciated by N25.09, concluding at N1,382.95 against the dollar, contrasting with Monday's closing rate of N1,408.04.
Furthermore, there was a significant uptick in daily foreign exchange turnover, which surged by 10.73 percent to $245.58 million from the $221.80 million recorded on Monday.
These developments signify a noteworthy movement in the currency markets, indicating potential shifts in economic dynamics. The authors of this report are Ndubuisi Francis, James Emejo, and Nume Ekeghe.
The positive performance of the Naira is likely to capture the attention of market observers and stakeholders, underscoring the ongoing fluctuations within Nigeria's foreign exchange landscape.
The report was originally published on Arise News, highlighting the significance of these currency movements within the broader economic context.
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