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However, the official market also witnessed a depreciation, with the naira dropping to N1,309.88 against the dollar by the end of Thursday’s trading, a 0.10% decline from the previous rate of N1,308.52 recorded on Wednesday.
On April 23rd, the bank offered $10,000 at N1,021 per dollar, significantly lower than the official rate reported by FMDQ, signalling efforts to enhance liquidity in the unofficial market.
These measures have contributed to the naira’s gradual recovery, as evidenced by its improvement from N1,617 per dollar in early March to N1,072 per dollar on April 17th.
However, concerns persist regarding the downward trend in reserves, which saw an 18-day decline followed by a marginal recovery of 0.018% on Tuesday, reaching $32.112 billion from $32.109 billion reported on March 22nd..
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