The exchange rate between the naira and the US dollar at the official Investors and Exporters (I&E) window closed at N435/$1, the highest rate on record.
We understands that the Naira crashed against the US dollar on Thursday to close at N435/$1, representing a 4.82% depreciation compared to N415/$1 recorded in the previous trading session.
The 4.82% fall is the highest movement in either direction in over a year. The last time there was such a movement at the official market was 31st December 2021, when the rate depreciated 4.12% to close at N410.25.
On the other hand, the forex turnover at the official market increased by 90.2% on Thursday to $227.29 million.
Meanwhile, at the parallel market, naira gained 158 basis points to close at N560/$1 on Thursday, which represents a 1.58% appreciation compared to N569/$1 recorded on Wednesday. This is according to information obtained from BDC operators.
Similarly, exchange rate at the P2P market appreciated marginally on Thursday to close at N569.5/$1 despite opening the day at N570.2/$1.
Naira has witnessed continent decline in the past week, dropping from N560.95/$1 recorded before the Christmas break to trade for as high as N571.4/$1 at the P2P market.
Nigerian singer David Adeleke, known as Davido, has Reveals how he navigates the pain of…
President Bola Tinubu’s administration has announced Tuesday, October 1, as a public holiday to mark…
Evicted Big Brother Naija ‘No Loose Guard’ housemate, Shaun Okojie, has expressed his willingness to…
Explosion at a service station in Dagestan, Russia, has left at least 10 dead, including…
The House of Representatives has summoned the Chairman of the Economic and Financial Crimes Commission…
The Lagos State Taskforce has apprehended four men accused of engaging in illegal drug trade.…
