The Business NG - July 17, 2024

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The Nigerian naira appreciated slightly against the US dollar at the official foreign exchange market on Tuesday, according to data from FMDQ. The naira gained 0.63% to close at N1,576.66 per dollar, up from N1,577.29 on Monday.

However, the naira's gain was offset by a significant depreciation at the black market, where it lost N25 to trade at N1,585 per dollar, down from N1,560 on Monday. Bureau De Change operators attributed the decline to a drop in foreign currency transaction turnover, which fell to $138.17 million on Tuesday from $155.53 million the previous day.

This reworked version of the headline and news story aims to provide a clearer and more concise summary of the naira's performance at both the official and black markets, highlighting the contrast between the marginal gain at the official market and the significant depreciation at the black market.