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The Nigerian Naira on Wednesday, January 11, dropped one point against the American Dollar at parallel market.
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According to reports, the Naira now trades at
N492/$1 as against N490/$1 it traded on
Tuesday, January 10.
The local currency also crashed against
Pound, dropping one point to trade at N593/
£1 as against the N592/£1 rate it was
yesterday, January 10.
Dollar to Naira.
The Naira experienced the biggest fall
against Euro as it dropped five points to
trade at N515 per Euro as against the N510 of
yesterday.
According to a report on Bloomberg, the
Naira is expected to weaken further in the
parallel market, despite measures by the
Central Bank of Nigeria to mitigate the
situation in the forex market.
The report shows the six-month contracts
declined to their lowest level since
September last week as crude oil advanced by
20%, after the Organisation of Petroleum
Exporting Countries (OPEC) agreed to a
production cut in November.
Meanwhile, Nigeria will get out of recession,
and grow its gross domestic product (GDP) by
one percent in 2017, according to a global
economic report by the World Bank.
The World Bank said in a report released on
Tuesday, January 10, that the global economy
will accelerate moderately to 2.7 percent in
2017.
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