Business
Exchange rate opens week at N1,380 at parallel market
The exchange rate between the Naira and the Dollar is being quoted as high as N1,380/$1 at the parallel market, a weakening from the N1,280/$1 recorded over the weekend.
The exchange rate strengthened toward the weekend from a month-to-date high of over N1,450/$1 following the sale of forex to BDC operators by the CBN.
However, operators suggest that a demand surge on Monday forced the Naira to take another hit in early hours trading.
READ ALSO: Naira loses more than a third of its value in 2 weeks
Meanwhile, the official exchange rate also weakened to N1,339/$1 on Friday, the lowest in a month, as demand pressures continue to mount.
The fortune of the naira took a new path as the Economic and Financial Crimes Commission (EFCC) launched an additional offensive against currency traders and online platforms that are manipulating the value of the naira.
However, latest parallel market rates suggest these initial gains may have been eroded as pressures continue to mount on the currency.
-
Business4 days agoOPay explains how Nigerians can access FG’s N50,000 monthly cash relief
-
Sports1 week agoSenegal opens Dakar 2026 Youth Olympic Games, Africa’s first Olympic event
-
Latest1 week agoFG Announces N50,000 cash support for vulnerable Nigerians under new relief programme
-
Business1 week agoNNPC’s N66-per-litre petrol discount set to end October 31
-
Latest1 week agoINEC recognises Pantami for Gombe, keeps Kano NDC candidate off final list
-
Latest1 week agoNDC Chieftain tells Atiku to drop presidential ambition over son’s support for Tinubu
-
Crime1 week agoDoris Ogala remanded as Court adjourns bail hearing to November 6
-
Latest1 week agoOne dead, one injured in three road emergencies across Lagos – LASEMA