The naira has crashed to its lowest in May at N1,609 to the dollar as volatility returned to the Nigerian foreign exchange market and is firm in the black market.
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The Nigerian foreign exchange market dipped by 6.43% in July despite the sales of foreign exchange to authorized dealers. The naira crashed at a high of N1,608.73.
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The Central Bank of Nigeria (CBN) has reintroduced the Retail Dutch Auction System (rDAS) as it moves to meet growing FX demands and improve the naira's value.
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