Dollar Rate: Naira Continues Recovery On Parallel Market

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The Nigerian naira continued its rally against the dollar today.

Holiday goers returning home awash with cash caused there to be a surplus which drover prices down N5 to close at N265.

Remittances from Nigerians abroad to family, friends and loved ones also contributed to the Naira recovery.

Nigerians living in the USA remitted $9.4 billion or N1.8 trillion home over the 2015 fiscal year.

The official market closed at N197 to $1.

 

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