The naira experienced a decline of 0.7% in Nigeria's official foreign exchange market, closing the week at N1,371.04 against the dollar, compared to N1,361.39 the previous week. This depreciation occurred despite a notable increase in foreign exchange turnover, which surged by 249%, indicating heightened market liquidity. Additionally, the Central Bank of Nigeria reported ongoing growth in the country’s external reserves, yet these factors did not prevent the naira from weakening against the dollar.
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