Business
Naira Weakens Further in Ongoing Slide Against Dollar
The Nigerian naira weakened in the parallel market, closing at N1,739 per U.S. dollar yesterday, a slight drop from N1,735 recorded on Wednesday. This depreciation reflects ongoing pressures on the currency within unofficial trading channels.
Meanwhile, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the naira showed improvement, strengthening to N1,601.2 per dollar from N1,654.09 on Wednesday, marking a gain of N52.89.
Data from FMDQ highlights a 69% surge in dollar trading volume within the official market, reaching $230.99 million compared to $136.68 million the previous day. This increase in volume hints at a growing demand for foreign currency despite economic challenges.
With these fluctuations, the gap between the parallel market rate and the NAFEM rate has significantly expanded, now standing at N137.8 per dollar—a marked increase from the N80.91 margin observed on Wednesday.
-
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