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Find all the economic and financial information on our Orishas Direct application to download on Play StoreAfter a record drop, the Nigerian currency recorded a slight rebound as the Senate summoned the CBN governor.
The naira edged up against the U.S. dollar in the official market Wednesday. The currency strengthened to 430.00 naira to the dollar on Wednesday from 431.00 naira traded at the Nafex window. In the parallel market, the currency weakened to 705 naira per dollar amid a shortage of currency supply as demand increases.
Analysts blamed the continued weakening of the naira on rising import bills, dollar savings and the hoarding of crypto-currencies by Nigerians who have lost confidence in the local unit due to its massive devaluation against the greenback.
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