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HomeTop NewsNigeria's naira falls N765.13/$ at official window, N775 at parallel market as...

Nigeria’s naira falls N765.13/$ at official window, N775 at parallel market as equity falls 0.19%

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By Samuel Bankole

Nigeria’s naira depreciated against the greenback on both the official foreign exchange window and parallel market on Thursday as both markets struggled to erase the margin between the two.

The naira closed at N765.13 against the dollar on the Investors and Exporters (I&E) forex window, compared with N763.17 per dollar the previous day.

At the parallel market, a dollar was bought at N765 and sold at N775 compared with N760 when the currency was traded on Wednesday.

The local currency has been trading around this same figure since the Central Bank of Nigeria (CBN) abolished the multiple forex exchange markets in a bid to eliminate a wide margin between the official window and other segments of the market.

Meanwhile, the country’s equities market closed on a negative note as the main market index closed downward by 0.19 percent.

The All Share Index (ASI) decreased by 0.19 percent to close at 59,211.26, while the market cap declined to N32.241 trillion from N32.302 trillion as on the previous close.

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The total volume traded closed with an exchange of 615.912 million units valued at N6.62 billion traded in 7,459 deals.

However, the market breadth was positive, with 34 gainers as against 31 losers.

The NGX 30 Index decreased by 0.24 percent to close at 2,141.35 points as against 2,146.40 points at the previous close.

Market turnover closed with a traded volume of 257.83 million units. FBNH and Guinness were the key gainers, while Sterling and Guaranty were the key losers.

Sterling Bank, GTCO, Union Bank, United Bank for Africa, and Okomu Oil dragged the market down.

(omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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