This represents N12 or 1 per cent depreciation compared to the N1,136.04 recorded on Monday. Similarly, the parallel market depreciated to N1,100 per Dollar in the parallel market, from N1,050 per Dollar on Monday. The Naira recorded a N50 depreciation against the Dollar in the black market. The last time the Naira recorded a loss at the foreign exchange market was on March 9, when it dropped to N1627.40 per Dollar .
To this end, the Naira became the best-performing currency in April, according to Goldman Sachs. On two occasions in recent months, CBN had sold USD to the Bureau De Change operators at a benchmarked rate, closing the gap between the official and parallel market rates. Meanwhile, the country's FX reserves had been depleted to $32.29 billion on April 15, 2024, from $34.45 billion on March 18. The development comes amid declined crude oil revenue in March.
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