Business
Naira depreciates across FX markets as scarcity bites
The value of Nigerian currency depreciated heavily against the US dollar across all foreign exchange markets on Tuesday.
In the Investors and Exporters (I&E) segment of the foreign exchange (forex) market on Tuesday, the Naira depreciated against the greenback by 67 Kobo or 0.15 per cent to trade at N461.67/$1 compared with the previous day’s N461.00/$1.
The value of the Naira slumped despite the FX trades declining by 67.04 per cent or $140.06 million to $68.85 million from the preceding day’s $208.91 million, according to data from FMDQ Securities Exchange.
READ ALSO: CSOs declares support for Emefiele on Naira swap deadline, say Governors are Saboteurs
Also, at the Peer-2-Peer (P2P) window, the local currency lost N1 against the US Dollar to sell for N765/$1 versus the previous session’s N764/$1.
Similarly, in the parallel market, the domestic currency depreciated against its American counterpart by N1 to settle at N754/$1, in contrast to the N753/$1 it was exchanged a day earlier.
However, in the interbank segment, the Naira gained N2.26 against the Pound Sterling to close at N556.13/£1 compared with Monday’s rate of N558.39/£1, and on the Euro, it appreciated by N1.16 to N492.18/€1 from N493.34/€1
-
News2 days agoFRSC opens 2026 nationwide recruitment, online applications begin July 3
-
Football7 days agoAfrica breaks World Cup record with seven teams in knockout stage
-
Entertainment4 days agoActress Cossy Ojiakor shares flooded home as heavy rainfall wreaks havoc in Lagos
-
Football1 week agoNetherlands to face Morocco, Brazil draw Japan in 2026 World Cup round of 32
-
Business1 week agoNAFDAC, FCCPC others partners OSOA Foods advocacy on food safety, MSME growth
-
Business6 days agoLogistics bottlenecks threaten Nigeria’s economic growth, industry leaders warn
-
Business6 days agoInflation, high interest rates loom as FG credit hits N40.38tn
-
Business3 days agoMRS slashes petrol price by N50/Litre as Dangote Refinery cuts fuel costs