Business
Naira Depreciates Against Dollar Amid Declining FX Supply
The naira experienced a depreciation against the dollar at the foreign exchange market as the week commenced, following a further decline in FX supply.
According to data from the FMDQ, the naira weakened slightly to N1635.15 per dollar on Monday, down from N1631.21 on Friday of last week, marking a marginal decline of N3.94.
In the parallel market, the naira also fell, exchanging at N1775 per dollar on Monday, compared to N1770 at the end of the previous week.
This downturn coincides with a significant drop in daily foreign exchange transaction turnover, which fell to $126.24 million on Monday from $238.36 million on Friday.
Last Thursday, the Central Bank of Nigeria implemented new FX code guidelines aimed at stabilizing the naira; however, the currency continues to experience fluctuations despite these measures. Notably, the naira lost N89.27 against the dollar last week alone.
-
Entertainment2 years agoAdanma Luke Appeals for Forgiveness over Junior Pope’s Death: “I’m Gradually Losing My Life, Please Forgive Me”
-
Security News2 years agoRivers: Tension as Gunmen on Speedboat Abduct Fubara, Police Launch Manhunt
-
Security News2 years agoSoldiers in South East Extort, Humiliate Us While Kidnappers Operate Freely Near Checkpoints, Igbo Women’s Group Alleges
-
Politics2 years agoRevealed: Ajuri Ngelale Fired Over Feud with Onanuga, Despite Medical Cover Story
-
General News2 years agoGov. Soludo Seals Peter Obi’s Campaign Office, Edozie Njoku-Led APGA State Office
-
Security News2 years agoEnugwu-Ukwu in Shock: Deadly Ambush Leaves Multiple Dead, Survivors in Fear
-
General News2 years agoVideo: Moment DSS Staff Erupt in Jubilation as News of Bichi’s Sack Announced
-
Breaking News2 years agoJUST IN: Presidential Adviser Ajuri Ngelale Steps Down Temporarily, Cites Reasons