The naira depreciated against the dollar in the foreign exchange market as trading resumed after the June 12 Democracy Day celebration. FX turnover transactions significantly dropped to $92.68 million.
According to FMDQ data, the naira depreciated marginally to N1476.24 against the dollar on Thursday, down from N1473.66 on Tuesday, marking a loss of N2.58.
Similarly, the parallel market saw the naira depreciate to N1490 against the dollar on Thursday, compared to N1470 on Tuesday.
This depreciation coincides with a sharp decrease in the turnover of foreign exchange transactions, which fell to $92.68 million on Thursday from $385.91 million.
Recall that the naira had appreciated for the second consecutive time against the dollar on Tuesday. Despite the Central Bank of Nigeria’s policy interventions, Nigeria’s foreign exchange market has been experiencing fluctuations since mid-April 2024
Rice, a staple for Christmas celebrations in Nigeria, has become a luxury this year. Soaring…
Panic erupted on Saturday at a concert in Lagos when the stage collapsed during Odumodublvck’s…
The Federal Government of Nigeria has allocated ₦6,364,181,224 billion for the refurbishment and rehabilitation of…
The black market dollar to naira exchange rate for today, 22nd December 2024, can be…
The Nigerian National Petroleum Company Limited (NNPCL) has refuted claims that the 60,000 barrels per…
Manchester City finds itself in unprecedented turmoil, with relegation-level form showing little sign of improvement.…