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FX Market
The naira depreciated strongly against the US dollar in the Nigerian foreign exchange market (NFEM) on Wednesday as pressure on the local currency deepened.
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The naira’s purchasing power dropped sharply at the official window as foreign payments initiated exceeded the US dollar liquidity at the currency market.
The flight-to-safety drive from Middle East tensions strengthened the US dollar against trading peers on Monday, forex traders said in a separate note.
The naira traded negatively against the dominant US dollar at the official window all week despite FX intervention sales by the Central Bank of Nigeria (CBN).