fell significantly against the U.S. dollar at the unofficial market, but gained slightly at the Investors & Exporters window on Friday.
The bank in its bi-annual Nigerian Development Update said the Central Bank of Nigeria’s management of the foreign exchange regime was a fundamental cause of the nation’s foreign exchange crisis. According to data posted on abokiFX.com, a website that collates parallel market rates in Lagos, the naira closed at N498.00 per $1 at the black market after recording a major gain in the previous session on Thursday.
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