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Euro exchanges for N630 at black market as dollar closes up gap | The Guardian Nigeria News - Nigeria and World News

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Despite the parity in the prices of the United States (US) dollar and euro at the global foreign exchange (FX) market, the latter still trades far higher than the greenback at the local market, showing naira has a long way to wean itself off the static toga.

Euro banknotes are displayed for a photograph taken on 6 Sept. 2020.Gerard Bottino | SOPA Images | LightRocket | Getty ImagesFor the first time since December 2, 2002, a bullish dollar closed in with euro, a victim of the dovish European Central Bank with the pair trading approximately one for one.

The official market trend is not remarkably different. Euro closed last week’s trading against naira at N428 compared to N443 it exchanged a month earlier. At press time, it was still uptick, hitting 108.11. DXY stood at 95 at the beginning of the year, meaning that the safe-haven currency has gained 13.8 per cent in value year to date .

 

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