Economy
Naira Weakens by N12.29 as Dollar Demand Rises
The naira suffered a significant drop against the dollar on Wednesday, losing N12.29 just 24 hours after a brief appreciation. According to data from FMDQ, the exchange rate fell from N1594.27 per dollar on Tuesday to N1606.56 per dollar on Wednesday.
In the parallel market, however, the naira held steady, trading at N1620 per dollar—the same rate as on Tuesday.
This decline occurred amid an increase in foreign exchange transaction turnover, which rose to $160.94 million on Wednesday, up from $156.94 million the day before.
Despite continued interventions by the Central Bank of Nigeria (CBN), including the recent Retail Dutch Auction System, the naira’s value has continued to fluctuate against the dollar and other major currencies.
-
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