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Naira crumbles to N1,309/$1 at official market



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The Naira experienced a slight depreciation at the official market, trading at N1,309.39 to a dollar on Thursday.

Data from the official trading platform of the FMDQ revealed that the Naira lost N8.96 or 0.69 per cent, compared to the previous day’s rate of N1,300.43 against the dollar.

However, the total turnover increased to $857.78 million on Thursday, up from $416.10 million recorded on Wednesday.

Meanwhile, at the Investor’s and Exporters’ (I&E) window, the Naira traded between N1,392 and N1,250 against the dollar.

In related development, Central Bank Nigeria (CBN) has unveiled new minimum capital requirements for banks, pegging the minimum capital base for commercial banks with international authorisation at N500bn.

This is coming days after the apex bank urged Nigerian banks to expedite action on the recapitalisation of their capital base to strengthen the financial system.

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