Official Market: Naira Dips Despite Market Confidence.
The naira faced renewed pressure on Tuesday, depreciating by 0.71% against the dollar on the official market, closing at N1,500.79 compared to N1,490.20 the previous day. Despite this, CBN Governor Olayemi Cardoso expressed confidence in market stability, citing recent improvements and reduced volatility in the foreign exchange market. He highlighted efforts to merge exchange rates and emphasized the role of coordinated monetary and fiscal policies in achieving economic stability and managing inflation.
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