Business
Naira reverses gains, drops points against Dollar
The Nigerian Naira experienced a reversal of its gains against both the US dollar in the official and black markets.
At the beginning of the week, the Naira had appreciated against the dollar.
However, on Tuesday, there was a complete reversal as the Naira tumbled at the official market against the Dollar, closing at N463.25/$1.
READ ALSO: Naira gains against Dollar at official, parallel market
According to data from FMDQ Securities Exchange, this performance represents a N1.00 or 0.22 per cent drop compared to Monday’s exchange rate of N462.25/$1.
Additionally, the turnover for the session was $95.45 million, which is 202.5 per cent or $31.55 million higher than the $63.90 million reported on Monday.
Similarly, in the parallel market, the domestic currency depreciated against the American currency on Tuesday by N1 to sell at N739/$1 compared with the preceding day’s rate of N738/$1.
Meanwhile, in the interbank segment of the market, the Naira gained N4.06 against the Pound Sterling on Tuesday to sell at N572.66/£1 versus Monday’s N576.72/£1, and against the Euro, it appreciated by N18.99 to finish at N489.05/€1 versus N508.04/€1.
-
Business3 days agoOPay explains how Nigerians can access FG’s N50,000 monthly cash relief
-
Sports7 days agoSenegal opens Dakar 2026 Youth Olympic Games, Africa’s first Olympic event
-
Latest6 days agoFG Announces N50,000 cash support for vulnerable Nigerians under new relief programme
-
Business7 days agoNNPC’s N66-per-litre petrol discount set to end October 31
-
Latest6 days agoINEC recognises Pantami for Gombe, keeps Kano NDC candidate off final list
-
Latest1 week agoNetanyahu, Eisenkot face coalition deadlock as Israel struggles to form new government
-
Latest7 days agoNDC Chieftain tells Atiku to drop presidential ambition over son’s support for Tinubu
-
Crime6 days agoDoris Ogala remanded as Court adjourns bail hearing to November 6