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The naira's decline in value intensified yesterday, as the official exchange rate was N1, 639.41 to the dollar.
According to the Nigerian Autonomous Foreign Exchange Market (NAFEM) rate, the dollar traded for N1,606 the day before, meaning that the figure yesterday showed a staggering loss of N34.
The naira dropped N5 versus the dollar Wednesday, resulting in a drop in the black market rate to N1,645/$1, down from N1,640 the day before.
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