Naira appreciates to N1,275/$ at parallel market
The naira strengthened by N125 over the weekend to reach N1,275/$1, indicating that it is starting to gain strength against the US dollar.
The new exchange rate is 9.8% more than what it was trading for at the end of Friday's trading session, which was N1,400 to the dollar.
This occurred as the Senate, via its Committee on Finance, demanded that all pertinent parties make coordinated measures to save and maintain its stability.
The Senate declared that coordinated efforts were desperately needed to address the instability and ongoing depreciation of the Naira.
In an interview with one of our correspondents on Sunday, currency dealers at the well-known Wuse Zone 4 market attributed the market's trading volatility to the variations in the exchange rate.
They also stated that in order to maintain market stability, the government must decide whether to devalue or raise the value of the currency.
Because there was no trading activity on Sunday, the operators did not issue a selling rate.
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