On the parallel market on Monday, the dollar was trading at N600, raising worries of further depreciation of the country’s currency.
However, the exchange rate at the parallel market remained stable at N590 to a dollar.
On the other hand, naira fell significantly against the US dollar at the peer-to-peer market, trading at N600.5/$1 compared to N594/$1 recorded as of the same time the previous day.
Analysts earlier predicted that a stronger dollar may mean unpalatable news for the naira due to the US Federal Reserves’ aggressive stance and rebounding of the dollar
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