The naira appreciated slightly on the parallel market on Thursday following last Wednesday’s sale of a total of $150 million through foreign exchange (FX) forwards by the Central Bank of Nigeria (CBN). Specifically, the naira strengthened to N444 to the dollar on Thursday, stronger than the N454 to the dollar it was at some parallel market points in Lagos the previous day. The CBN sold a total of $150 million to authorised foreign exchange dealers in the interbank at the highest bid rate of N335/$1 and a marginal rate of N320/$1
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